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OIL PRODUCTS: Oil Products End of Day Summary: Cracks Tick up on Day

OIL PRODUCTS
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While showing a day-on-day rise, diesel and gasoline crack spreads are trading lower this week. This is despite demand expected to tick up over Thanksgiving.

  • US Natgas JAN 25 up 2.8% at 3.29$/mmbtu
  • US Natgas JUN 25 up 1.3% at 3.13$/mmbtu
  • ARA oil product stockpiles according to Insights Global: latest level, weekly change (kmt): Gasoline: 1,142, -108, 517, -31, Gasoil: 2,256, -117, Fuel Oil: 1,188, -27, Fuel: 975, +5
  • Gasoline market strength is emerging in the US and Asia, while the European market is being influenced by developments from both East and West, according to Sparta Commodities.
  • US refiners that process Canadian crude would not easily find alternatives in the event of tariffs, Argus said.
  • A fire broke at Pemex’s 285k b/d Lazar Cardenas refinery in the Mexican Gulf state of Veracruz Nov. 28, according to Bloomberg citing Radio Formula.
  • China’s independent refiners have increased Middle East and Africa crude imports as a slowdown in available Iranian oil has forced a change in buying habits, according to Bloomberg.
  • Alternative fuels could account up to 20% of Maersk’s marine fuel consumption in 2030, as part of its net zero by 2040 goal, Reuters said.
  • Singapore onshore fuel oil stocks rose by 13.2% w/w to 19.23mn bbl for the week ending November 27 – a 5-week high according to Enterprise Singapore data.
  • China’s sales of electric vehicles and hybrids accounted for more than half of retail passenger vehicle sales in the four months from July, according to the China Passenger Car Association cited by Bloomberg.
  • Global passenger jet fuel demand is set to rise 0.9% in the week to Dec. 2 to 6.39m b/d, according to BNEF.
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While showing a day-on-day rise, diesel and gasoline crack spreads are trading lower this week. This is despite demand expected to tick up over Thanksgiving.

  • US Natgas JAN 25 up 2.8% at 3.29$/mmbtu
  • US Natgas JUN 25 up 1.3% at 3.13$/mmbtu
  • ARA oil product stockpiles according to Insights Global: latest level, weekly change (kmt): Gasoline: 1,142, -108, 517, -31, Gasoil: 2,256, -117, Fuel Oil: 1,188, -27, Fuel: 975, +5
  • Gasoline market strength is emerging in the US and Asia, while the European market is being influenced by developments from both East and West, according to Sparta Commodities.
  • US refiners that process Canadian crude would not easily find alternatives in the event of tariffs, Argus said.
  • A fire broke at Pemex’s 285k b/d Lazar Cardenas refinery in the Mexican Gulf state of Veracruz Nov. 28, according to Bloomberg citing Radio Formula.
  • China’s independent refiners have increased Middle East and Africa crude imports as a slowdown in available Iranian oil has forced a change in buying habits, according to Bloomberg.
  • Alternative fuels could account up to 20% of Maersk’s marine fuel consumption in 2030, as part of its net zero by 2040 goal, Reuters said.
  • Singapore onshore fuel oil stocks rose by 13.2% w/w to 19.23mn bbl for the week ending November 27 – a 5-week high according to Enterprise Singapore data.
  • China’s sales of electric vehicles and hybrids accounted for more than half of retail passenger vehicle sales in the four months from July, according to the China Passenger Car Association cited by Bloomberg.
  • Global passenger jet fuel demand is set to rise 0.9% in the week to Dec. 2 to 6.39m b/d, according to BNEF.