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

Diesel cracks have continued their rally which started yesterday, while gasoline cracks are now rising ahead of the expected demand boost over Thanksgiving.

• US gasoline crack up 0.1$/bbl at 13.12$/bbl
• US ULSD crack up 0.2$/bbl at 25.72$/bbl
• US gasoline inventory change surveys: -0.6m bbl (WSJ), -1.3m bbl (Macquarie)
• US distillate inventory change surveys: +0.3m bbl (WSJ), 0 (Macquarie)
• Canada’s oil industry has warned that tariffs imposed on its exports to the US would hike US gasoline prices, according to Bloomberg.
• It appears that BP's Whiting, Indiana refinery, one of the largest purchasers of Canadian crude oil, was able to restart units after malfunctions last week according to GasBuddy analyst Patrick De Haan.
• The CDU was back to normal operations at Valero’s 360,000 bpd Port Arthur refinery, Texas after completing repairs Reuters sources said on Monday.
• Suncor has reported flaring at its 85,000 bpd Sarnia refinery in Canada as it works to address a process issue on one of its units.
• The seven Pemex refineries operated at a one-year low in October amid maintenance and as the ramp up at the new Dos Bocas struggles, according to Bloomberg.
• A fire broke out at Pemex’s 330k b/d Salina Cruz refinery effluents area, according to Bloomberg citing WRadio Oaxaca.
• China’s exports of refined oil, namely gasoline, gasoil, and jet fuel, stood at 2.60m mt in October, down 3.51% on the month, according to GACC data, cited by OilChem.
• China’s reduced export tax rebates should prolong tightness in diesel flows and provide a level of support for the Asian gasoil market according to FGE.
• The expansion of SAF could suffer a significant set-back under president-elect Donald Trump, according to aviation officials, cited by Reuters.