OIL PRODUCTS: Oil Products End of Day Summary: Crude Gasoline Cracks Fall

Gasoline cracks have extended the decline with a fall in US implied demand in the week. Meanwhile, diesel cracks find some support with distillates demand rising in the week.

• US gasoline crack down 1$/bbl at 11.79$/bbl
• US ULSD crack up 0.6$/bbl at 22.11$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Aug 30: Gasoline stocks +848 vs Exp -1,153, Implied mogas demand -369, Distillate stocks -371 vs Exp -19, Implied dist demand +175.
• US refining can compete with other global markets according to Phillips 66 Chief Executive Officer Mark Lashier in an interview with Bloomberg TV this week.
• The fire at a major Moscow refinery earlier this week after a Ukrainian drone strike will not result in fuel shortages in the region according to Interfax.
• Russia’s oil product exports dropped to a four-month low in August, mainly due to a sharp slide in diesel shipments (down 770k b/d), Bloomberg said.
• All units at Petkim’s Star Refinery in Turkey have been shut down as part of planned maintenance according to the company.
• Average bunker fuel prices for conventional fuels fell across the major hubs in August, while alternative LNG bunkering costs rose, Platts data showed.
• Singapore oil product inventories rose by 1.48m bbls w/w to 46m bbls in the week to Sept. 4 - the largest weekly jump since July 17, according to Enterprise data.
• Crude storage capacity utilisation rates among Shandong Independent refineries were unchanged on the week at 43.7% for the seven days to Sep. 6, OilChem said.
• China will cut retail diesel and gasoline prices by 100 y/mt (~$14.09/mt), the NDRC said from Sep. 6, according to Xinhua.
• Global passenger jet fuel demand is set to drop 1.3% this week to 6.96m b/d: BNEF