MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

MNI China Daily Summary: Thursday, December 12

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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

OIL PRODUCTS
BulletHomepagemarkets-real-time

US product cracks have found further support today, tracking the rise in the overall crude complex.

  • US gasoline crack up 1.1$/bbl at 14.52$/bbl
  • US ULSD crack up 0.4$/bbl at 22.89$/bbl
  • Hurricane Milton which made landfall on Florida's west coast, resulted in significant gasoline panic buying in PADD 1 with a quarter of stations in Florida with no gasoline.
  • ARA stocks according to Insights Global: Gasoil: -118 mt to 2,310k mt, Gasoline: +122k mt to 1,092k mt, Fuel Oil: -137k at 1,235k mt, Jet Fuel: +58k mt to 1,023k mt, Naphtha: +2k mt to 556k mt
  • A smoldering blaze was reported at Shell’s 400k b/d Pernis refinery Oct. 10, according to the Rotterdam-Rijnmond emergency services, cited by Bloomberg.
  • Pakistan’s Pak Arab Refinery Shut for maintenance from Oct. 10, according to Bloomberg.
  • Total fuel stockpiles in Singapore fell 453k bbl to 42.4m bbl on the week to Oct. 9, official data showed.
  • Private refiners in China are facing narrower discounts on Iranian oil because of the recent heightened tensions with Israel.
  • Asian refiners generally expect oil prices to continue their downtrend for the remainder of 2024, but geopolitical tensions could slow the pace of the decline, helping refiners to manage their hedging positions, Platts said.
  • Crude storage capacity utilisation rates among Shandong Independent refineries rose 0.1 percentage points on the week to 44.0% for the seven days to Oct. 11, OilChem said.
  • Road congestion in the 15 Chinese cities with the highest number of vehicle registrations fell by 52 percentage points on the week to 83% of January 2021 levels, BNEF said.
  • Global passenger jet fuel demand in the week to Oct. 14 is set to remain stable, with a slight on-week dip of 0.1%, according to BNEF.
274 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

US product cracks have found further support today, tracking the rise in the overall crude complex.

  • US gasoline crack up 1.1$/bbl at 14.52$/bbl
  • US ULSD crack up 0.4$/bbl at 22.89$/bbl
  • Hurricane Milton which made landfall on Florida's west coast, resulted in significant gasoline panic buying in PADD 1 with a quarter of stations in Florida with no gasoline.
  • ARA stocks according to Insights Global: Gasoil: -118 mt to 2,310k mt, Gasoline: +122k mt to 1,092k mt, Fuel Oil: -137k at 1,235k mt, Jet Fuel: +58k mt to 1,023k mt, Naphtha: +2k mt to 556k mt
  • A smoldering blaze was reported at Shell’s 400k b/d Pernis refinery Oct. 10, according to the Rotterdam-Rijnmond emergency services, cited by Bloomberg.
  • Pakistan’s Pak Arab Refinery Shut for maintenance from Oct. 10, according to Bloomberg.
  • Total fuel stockpiles in Singapore fell 453k bbl to 42.4m bbl on the week to Oct. 9, official data showed.
  • Private refiners in China are facing narrower discounts on Iranian oil because of the recent heightened tensions with Israel.
  • Asian refiners generally expect oil prices to continue their downtrend for the remainder of 2024, but geopolitical tensions could slow the pace of the decline, helping refiners to manage their hedging positions, Platts said.
  • Crude storage capacity utilisation rates among Shandong Independent refineries rose 0.1 percentage points on the week to 44.0% for the seven days to Oct. 11, OilChem said.
  • Road congestion in the 15 Chinese cities with the highest number of vehicle registrations fell by 52 percentage points on the week to 83% of January 2021 levels, BNEF said.
  • Global passenger jet fuel demand in the week to Oct. 14 is set to remain stable, with a slight on-week dip of 0.1%, according to BNEF.