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

Diesel and gasoline cracks have weakened today after finding some support late last week ahead of upcoming refinery maintenance. However, the focus remains on weak demand.

• US gasoline crack down 1.6$/bbl at 12.77$/bbl
• US ULSD crack down 0.5$/bbl at 21.83$/bbl
• Rotterdam’s fire authority said it had been informed by ExxonMobil of a “small incident” at its 190k b/d Rotterdam refinery, Bloomberg reported.
• India’s diesel sales fell again month on month in August, data from state-run Indian Oil and Bharat Petroleum and Hindustan Petroleum showed cited by Bloomberg
• Ineos’s chemical refinery in Lavera had a technical incident with equipment related to a steam cracker according to a community alert.
• Spain’s Petronor Bilbao refinery is in the process of shutting its down its G3 gasoil desulphurization unit for maintenance.
• Russia’s crude processing rate averaged 5.518m b/d from Aug. 1-28, industry sources told Bloomberg.
• Gazpromneft’s Moscow refinery suspended operations at combined refining unit Euro+ that includes the CDU-6, Reuters said. The plant may resume oil processing at Euro+ unit after repairs in 5-6 days.
• Nigeria’s Dangote refinery is on the verge of producing significant quantities of gasoline according to Bloomberg.
• Nigeria’s state oil firm NNPC said on Sunday it is struggling to import gasoline due to financial strain.
• China’s exports of refined products - namely gasoline, gasoil, and jet fuel – are planned at 2.59m mt in September, down 19.8% on August’s planned export levels.
• China’s exports of refined products fell 32% in August to 2.15m mt, according to OilChem citing shipping schedules.
• Spot premiums for VLSFO in Singapore climbed to their highest level in over nine months, amid firm trades in Asia, Reuters said.