November 06, 2024 19:25 GMT
OIL PRODUCTS: Oil Products End of Day Summary: Cracks Fall
OIL PRODUCTS
Diesel and gasoline crack spreads have fallen today in reaction to an inventory build and a drop in implied demand in the week.
- US gasoline crack down 0.1$/bbl at 13.69$/bbl
- US ULSD crack down 1$/bbl at 23.59$/bbl
- Meanwhile, diesel spreads have eased back after reaching the highest since early August yesterday.
- Gasoline stocks rose despite a drop in imports to the lowest since April 2020 with stocks supported by the strong refinery runs. Weekly implied gasoline demand fell to take the four-week average back below the previous five-year average.
- EIA Weekly US Petroleum Summary - w/w change week ending Nov 01: Gasoline stocks +412 vs Exp -328, Implied mogas demand -33, Distillate stocks +2,947 vs Exp +113, Implied dist demand -475. EIA data showed US jet fuel stocks fell by 228k bbl last week, a 0.5% weekly decline.
- Sunoco Sees refined products demand over the next 6-12 months reflecting demand over the past year, company officials said on a Q3 earning call, cited by Bloomberg.
- The outlook for Europe’s gasoline exports improves with new arbitrage opportunities, according to Sparta Commodities.
- Turkeys Izmit refinery is operating normally following a fire at a compressor unit, Turpas said to Bloomberg.
- Total oil product stocks in Fujairah fell 5.4% during the week to Nov. 4 to 16.141m bbl, amid stable to healthy demand depleted light and heavy products, Platts reported.
- India's fuel demand increased by 11.71% m/m and 2.9% year-on-year to 20.04m metric tons in October, according to the oil ministry Petroleum Planning and Analysis Cell data.
- The price of producing SAF in Asia closed higher in October, driven by rising feedstock prices according to Platts.
- MNI COMMODITY WEEKLY: Sanctioned Barrels Face Potential Shake-Up: https://enews.marketnews.com/ct/x/pjJscVTZkuQI6a4zdxkgGQ~k1zZ8KXr-kA8x6mTC5OsptIPjO1OcQ
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