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OIL PRODUCTS: Oil Products End of Day: Cracks Capped by Market Weakness

OIL PRODUCTS
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Gasoline and diesel cracks find strength on Wednesday having been largely impervious to the broader oil hike earlier in the week, that continues Wednesday and pressures cracks.  Weak demand still limits upside moves.

  • US gasoline crack up 0.7$/bbl at 14.2$/bbl
  • US ULSD crack up 1.2$/bbl at 22.7$/bbl
  • Signs of refinery run cuts, particularly in Europe, and ongoing maintenance still support a cautiously bullish outlook for ICE Gasoil and heating oil cracks in the medium term, according to Sparta Commodities.
  • Middle Eastern diesel arbitrages continue to favour East-bound flows, while US Gulf Coast arbitrages into North-West Europe have closed amid rising transatlantic TC14 MR rates.
  • European ARA Gasoil stocks fell again last week but gasoline stocks edged higher, according to the latest Insights Global data.
  • Gasoline demand fell to a six-month low following a fifth straight decline last week, according to the EIA.
  • US refiner Valero reported an upset at a gasoline-making Fluid Catalytic Cracker at its McKee refinery in Texas.
  • 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.
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Gasoline and diesel cracks find strength on Wednesday having been largely impervious to the broader oil hike earlier in the week, that continues Wednesday and pressures cracks.  Weak demand still limits upside moves.

  • US gasoline crack up 0.7$/bbl at 14.2$/bbl
  • US ULSD crack up 1.2$/bbl at 22.7$/bbl
  • Signs of refinery run cuts, particularly in Europe, and ongoing maintenance still support a cautiously bullish outlook for ICE Gasoil and heating oil cracks in the medium term, according to Sparta Commodities.
  • Middle Eastern diesel arbitrages continue to favour East-bound flows, while US Gulf Coast arbitrages into North-West Europe have closed amid rising transatlantic TC14 MR rates.
  • European ARA Gasoil stocks fell again last week but gasoline stocks edged higher, according to the latest Insights Global data.
  • Gasoline demand fell to a six-month low following a fifth straight decline last week, according to the EIA.
  • US refiner Valero reported an upset at a gasoline-making Fluid Catalytic Cracker at its McKee refinery in Texas.
  • 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.