OIL PRODUCTS: Oil Products End of Day Summary: Cracks Rebound

Diesel and gasoline cracks are extending the rebounded, with gasoline surging on the day. Diesel cracks are set for a 3% fall on the week, while gasoline cracks are up 0.6%.

• US gasoline crack up 1.7$/bbl at 14.34$/bbl
• US ULSD crack up 0.7$/bbl at 22.17$/bbl
• Money managers have cut their bearish gasoil bets by 748 net-short positions to 26,459, ICE data cited by Bloomberg showed.
• Lyondell Basell reported a fire at its 236,776 bpd Houston, Texas refinery.
• OMV’s Burghausen refinery in Germany is expected to complete repairs by mid-September.
• Greece’s Helleniq Energy is planning a turnaround at the 148kb/d Aspropyrgos refinery in 2025.
• Singapore’s low sulphur imports from the west are seen marginally higher in September m/m despite the West-East arb being technically viable.
• Valero’s 85kbd Wilmington refinery had a power failure on Thursday afternoon local time according to a filing.
• The WW2 bomb at Orlens Czech Republic Litvinov site has been detonated on Friday according to local media.
• Russian diesel production in August could slip by 7.5% vs July to 7.1mn metric tons due to refinery outages and maintenance work according to Reuters sources.
• US fuel demand during the first half of the summer was softer than weekly data showed, according to revisions by the EIA cited by Bloomberg.
• Kuwait's Al Zour sold its latest VLSFO cargo for end-September loading at a discount above $6.50 a metric ton to Singapore quotes, on a free-on-board Kuwait basis according to Reuters sources.
• South Korea plans to require all international flights departing from its airports to use a mix of 1% SAF from 2027, cited by Argus.