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Oil Products Mid-Day Summary: Cracks Climb

OIL PRODUCTS

Gasoline cracks have continued their uptick today after yesterday’s rally following a US inventory draw.

  • US 321 crack up 0.5$/bbl at 29.37$/bbl
  • US gasoline crack up 0.5$/bbl at 31.46$/bbl
  • US ULSD crack up 0.3$/bbl at 25.19$/bbl
  • Gasoil MAY 24 up 0.5% at 785.25$/mt
  • Physical diesel cracks in northwest Europe are set to weaken over coming weeks then stay flat through the summer, according to Mark Williams at Wood Mackenzie.
  • There is a fire in Omsk, Russia involving three oil tanks near the largest refinery in the region according to numerous reports.
  • US refiner Valero still expects fuel demand in Mexico to grow, despite its aims for fuel self-sufficiency.
  • The Yulong refinery in China will face bottlenecks as it aims for production according to FGE.
  • Singapore's onshore fuel oil stockpiles dropped to 20-week lows after net imports declined according to Enterprise Singapore data on Thursday.

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