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OIL PRODUCTS: Oil Product Markets: Weak Demand Limiting Cracks Upside

OIL PRODUCTS
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Crack spreads found some support after a net gain in diesel spreads since mid-September amid refinery maintenance, stocks draws, slightly improved weekly implied demand and soft underlying crude prices. Weak demand still limits upside moves.

  • US gasoline crack up 0.6$/bbl at 13.31$/bbl
  • US ULSD crack up 0.1$/bbl at 21.6$/bbl
  • Funds reduced the ICE Gasoil and Nymex diesel net short positioning slightly after both showed the most bearish on record last week.
  • Nigeria’s Dangote refinery is struggling with crude intake according to Kpler. Its supply model shows the refinery is operating its CDU at only 40% capacity due to insufficient crude oil supply and with a high reflux rate in the distillation column -   something not sustainable in the long term.
  • The Asian gasoline market switched into contango on October 1 suggesting ample supplies with an increased in cargoes from Saudi Arabia and China, according to Argus.
  • Port of Fujairah oil product stocks rose 2.5% w/w in the week to Sept. 30 after falling to a 2.5 year low the previous week.
  • Russia’s Omsk refinery, Russia’s largest, completed CDU maintenance on September 25 after it caught fire at the end of August Reuters sources said on Tuesday.
  • Russia's exports of ULSD from the Baltic Sea port of Primorsk in October are set to rise by 2.4% m/m to 1.1 million metric tons - up from 1.04 million tons scheduled for September, two traders said to Reuters on Tuesday.
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Crack spreads found some support after a net gain in diesel spreads since mid-September amid refinery maintenance, stocks draws, slightly improved weekly implied demand and soft underlying crude prices. Weak demand still limits upside moves.

  • US gasoline crack up 0.6$/bbl at 13.31$/bbl
  • US ULSD crack up 0.1$/bbl at 21.6$/bbl
  • Funds reduced the ICE Gasoil and Nymex diesel net short positioning slightly after both showed the most bearish on record last week.
  • Nigeria’s Dangote refinery is struggling with crude intake according to Kpler. Its supply model shows the refinery is operating its CDU at only 40% capacity due to insufficient crude oil supply and with a high reflux rate in the distillation column -   something not sustainable in the long term.
  • The Asian gasoline market switched into contango on October 1 suggesting ample supplies with an increased in cargoes from Saudi Arabia and China, according to Argus.
  • Port of Fujairah oil product stocks rose 2.5% w/w in the week to Sept. 30 after falling to a 2.5 year low the previous week.
  • Russia’s Omsk refinery, Russia’s largest, completed CDU maintenance on September 25 after it caught fire at the end of August Reuters sources said on Tuesday.
  • Russia's exports of ULSD from the Baltic Sea port of Primorsk in October are set to rise by 2.4% m/m to 1.1 million metric tons - up from 1.04 million tons scheduled for September, two traders said to Reuters on Tuesday.