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OIL PRODUCTS: Oil Products End of Day Summary: Cracks Closing Higher

OIL PRODUCTS
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Diesel and gasoline cracks are ending the day trading higher but remain under pressure due to weaker demand. Two Sinochem oil refineries have been declared bankrupt amid low margins while most of their units have been idled for months.

  • US gasoline crack up 0.4$/bbl at 12.87$/bbl
  • US ULSD crack up 1$/bbl at 18.67$/bbl
  • The near-term European Gasoil forward curve has returned to backwardation during the last week after trading in contango since mid-July.
  • European refiners have been forced to cut runs because of prolonged margin weakness according to FGE.
  • NWE naphtha cracks have risen around 63% in September to a monthly high, according to General Index, cited by Bloomberg.
  • Battery electric vehicles sold in the EU are set to reach a total market share of 20%-24% by 2025, mostly because of cheaper selling prices, campaign group T&E said Sep. 17.
  • Water levels on the Danube River at the Passau measuring point increased further to 8.12m on Tuesday, up from 7.59m on Monday and above the seasonal average of 4.46m due to flooding in parts of NW Europe and Central Europe, BAFG data showed.
  • Nigeria's Dangote refinery significantly reduced its crude imports in August to 168 kbd - half of July’s level according to Kpler, something it said pointed towards supply issues.
  • Asia’s ULSD refining margins have dropped to a three-year low, according to Reuters.
  • Two of Sinochem’s refineries in China have been declared bankrupt according to Bloomberg reports, highlighting the issues facing older refineries in a low margin environment.
  • Efforts to scale up the US SAF market will hinge on the industry’s ability to narrow the price premium to conventional jet fuel, participants said at the Argus North American Biofuels, LCFS and Carbon Summit.
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Diesel and gasoline cracks are ending the day trading higher but remain under pressure due to weaker demand. Two Sinochem oil refineries have been declared bankrupt amid low margins while most of their units have been idled for months.

  • US gasoline crack up 0.4$/bbl at 12.87$/bbl
  • US ULSD crack up 1$/bbl at 18.67$/bbl
  • The near-term European Gasoil forward curve has returned to backwardation during the last week after trading in contango since mid-July.
  • European refiners have been forced to cut runs because of prolonged margin weakness according to FGE.
  • NWE naphtha cracks have risen around 63% in September to a monthly high, according to General Index, cited by Bloomberg.
  • Battery electric vehicles sold in the EU are set to reach a total market share of 20%-24% by 2025, mostly because of cheaper selling prices, campaign group T&E said Sep. 17.
  • Water levels on the Danube River at the Passau measuring point increased further to 8.12m on Tuesday, up from 7.59m on Monday and above the seasonal average of 4.46m due to flooding in parts of NW Europe and Central Europe, BAFG data showed.
  • Nigeria's Dangote refinery significantly reduced its crude imports in August to 168 kbd - half of July’s level according to Kpler, something it said pointed towards supply issues.
  • Asia’s ULSD refining margins have dropped to a three-year low, according to Reuters.
  • Two of Sinochem’s refineries in China have been declared bankrupt according to Bloomberg reports, highlighting the issues facing older refineries in a low margin environment.
  • Efforts to scale up the US SAF market will hinge on the industry’s ability to narrow the price premium to conventional jet fuel, participants said at the Argus North American Biofuels, LCFS and Carbon Summit.