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Oil Products Mid-Day Summary: Diesel Cracks Under Pressure

OIL PRODUCTS
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Diesel weakness is pressing refining margins on oversupply amid poorer US economic signals last week, coupled with weaker implied demand data.

  • US ULSD crack up 0.1$/bbl at 23.93$/bbl
  • US gasoline crack up 0.4$/bbl at 31.95$/bbl
  • Rusia’s Slavyansk oil refinery in Krasnodar region has been forced to suspend some operations after being damaged in a Ukrainian drone attack Tass reported on Saturday.
  • Russia's air defence systems destroyed 17 drones launched by Ukraine over its territory, Russia's defence ministry said on Sunday – with the attack targeting an oil storage facility in the Kaluga region.
  • India received a fuel oil cargo from a Russian Sovcomflot tanker on Friday after a brief halt following stricter US led sanctions against the firm.
  • Singapore’s middle distillate inventories are swelling in 2024, signalling oversupply in the region, pressing Asian refining margins.
  • Feedstock fuel oil arrivals at Ports in Shandong Province will have amounted to 1.8m mt in April, flat on the month from March, according to OilChem.
  • Capacity utilisation rates at China’s state-owned refineries are projected to keep falling in the week to May 2, as some refineries have plans to cut May’s throughput, OilChem said.
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Diesel weakness is pressing refining margins on oversupply amid poorer US economic signals last week, coupled with weaker implied demand data.

  • US ULSD crack up 0.1$/bbl at 23.93$/bbl
  • US gasoline crack up 0.4$/bbl at 31.95$/bbl
  • Rusia’s Slavyansk oil refinery in Krasnodar region has been forced to suspend some operations after being damaged in a Ukrainian drone attack Tass reported on Saturday.
  • Russia's air defence systems destroyed 17 drones launched by Ukraine over its territory, Russia's defence ministry said on Sunday – with the attack targeting an oil storage facility in the Kaluga region.
  • India received a fuel oil cargo from a Russian Sovcomflot tanker on Friday after a brief halt following stricter US led sanctions against the firm.
  • Singapore’s middle distillate inventories are swelling in 2024, signalling oversupply in the region, pressing Asian refining margins.
  • Feedstock fuel oil arrivals at Ports in Shandong Province will have amounted to 1.8m mt in April, flat on the month from March, according to OilChem.
  • Capacity utilisation rates at China’s state-owned refineries are projected to keep falling in the week to May 2, as some refineries have plans to cut May’s throughput, OilChem said.