OIL PRODUCTS: Oil Products End of Day Summary: Cracks Set for Gains

US product cracks are set for gains, with diesel cracks recouping earlier losses. Despite upcoming refinery maintenance season, cracks remain under pressure amid healthy supply and disappointing demand.

• US gasoline crack up 0.1$/bbl at 11.77$/bbl
• US ULSD crack up 0.1$/bbl at 21.18$/bbl
• US gasoline demand fell 3.8% last week from the week prior according to GasBuddy.
• Nigeria’s state owned NNPC said on Saturday it would not be the sole buyer of gasoline from the Dangote refinery but would step in if the facility sold above pump prices.
• PBF Torrance, California 160,000 bpd refinery reports unplanned flaring due to malfunction according to regulatory filing.
• India’s 210,000 bpd Chennai refinery has shut one of its main crude units and some secondary units until mid-October for maintenance, Reuters said.
• Bahrain's Bapco plans to import heavier crude due to the expansion of its Sitra refinery to 380,000 bpd company execs said at APPEC.
• CDU capacity utilisation rates at China’s state-owned refineries are expected to remain unchanged in the week to Sep. 12, according to OilChem.
• Chinese refiners are likely buying a combined 16m bbl/month of oil for the SPR to capitalise on current low prices, Energy Aspects said citing meetings with Chinese energy majors.
• Arrivals of feedstocks, at ports in Shandong Province and Tianjin imported by Teapots totalled 9.75m mt in August, OilChem said.
• Global airline passenger capacity is set to decline to 117.16m seats in the seven days commencing from Sep. 09, OAG said.
• Europe’s spot jet fuel prices softened in the week to Sep. 6, according to ICIS.
• India’s Civil Aviation Minister K Rammohan Naidu Sep. 9 pitched for SAF adoption in the country, according to the Economic Times, cited by Bloomberg.