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

OIL PRODUCTS
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Diesel and gasoline cracks spreads have extended gains today amid stocks draws, slightly higher weekly implied demand, and falling underlying crude prices.

  • US gasoline crack up 0.4$/bbl at 13.14$/bbl
  • US ULSD crack up 0.7$/bbl at 21.7$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 20: Gasoline stocks -1,538 vs Exp -118, Implied mogas demand +429, Distillate stocks -2,227 vs Exp -1,217, Implied dist demand +224
  • Marathon Petroleum and the Teamsters union - which represents refinery workers in Detroit, Michigan - are still at a standstill, risking strike action.
  • Spain’s refineries controlled by Cepsa and Repsol have been ordered to maintain “minimum service levels” during a 24-hour strike starting Sep. 27, Platts said.
  • KPC is closing a term tender on Wednesday offering LSFO from its Al Zour refinery for October to December loading.
  • Official production started at phase one of Shandong Yulong Petrochemical’s refinery on Sept. 25 and is set to be fully operational by year-end.
  • Port of Fujairah oil product stocks slipped to a 2.5 year low in the latest data - falling 21% w/w.
  • Russia’s oil products output in August was up 1.1% on the year in August and 2.3% up on the month: Rosstat.
  • Retail gasoline prices in Russia rose 0.14% in the week Sep. 17-23 to 58.62 roubles/litre, Rosstat said, cited by Bloomberg.
  • Global passenger jet fuel demand is set to drop by 0.3% on the week to 6.78m b/d, for seventh straight week of declines, according to BNEF.
  • SAF continues to face the challenge of limiting its costs, with current revenue streams below production costs, Bloomberg said.
  • MNI COMMODITY WEEKLY: China Growth Reality Pressuring Any Oil Recovery: Full piece here: https://enews.marketnews.com/ct/x/pjJscVWIlr4I6a5uJx5wTw~k1zZ8KXr-kA8x6mSWpf2ptIPjO1OcQ  
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Diesel and gasoline cracks spreads have extended gains today amid stocks draws, slightly higher weekly implied demand, and falling underlying crude prices.

  • US gasoline crack up 0.4$/bbl at 13.14$/bbl
  • US ULSD crack up 0.7$/bbl at 21.7$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 20: Gasoline stocks -1,538 vs Exp -118, Implied mogas demand +429, Distillate stocks -2,227 vs Exp -1,217, Implied dist demand +224
  • Marathon Petroleum and the Teamsters union - which represents refinery workers in Detroit, Michigan - are still at a standstill, risking strike action.
  • Spain’s refineries controlled by Cepsa and Repsol have been ordered to maintain “minimum service levels” during a 24-hour strike starting Sep. 27, Platts said.
  • KPC is closing a term tender on Wednesday offering LSFO from its Al Zour refinery for October to December loading.
  • Official production started at phase one of Shandong Yulong Petrochemical’s refinery on Sept. 25 and is set to be fully operational by year-end.
  • Port of Fujairah oil product stocks slipped to a 2.5 year low in the latest data - falling 21% w/w.
  • Russia’s oil products output in August was up 1.1% on the year in August and 2.3% up on the month: Rosstat.
  • Retail gasoline prices in Russia rose 0.14% in the week Sep. 17-23 to 58.62 roubles/litre, Rosstat said, cited by Bloomberg.
  • Global passenger jet fuel demand is set to drop by 0.3% on the week to 6.78m b/d, for seventh straight week of declines, according to BNEF.
  • SAF continues to face the challenge of limiting its costs, with current revenue streams below production costs, Bloomberg said.
  • MNI COMMODITY WEEKLY: China Growth Reality Pressuring Any Oil Recovery: Full piece here: https://enews.marketnews.com/ct/x/pjJscVWIlr4I6a5uJx5wTw~k1zZ8KXr-kA8x6mSWpf2ptIPjO1OcQ