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OIL PRODUCTS: Oil Products End of Day Summary: Gasoline Crack Loses Ground

OIL PRODUCTS
BulletEnergy BulletsCommodities

Stock builds and weak demand data is weighing on US gasoline crack spreads, reversing earlier gains ahead of the data release

  • US gasoline crack down 0.7$/bbl at 12.18$/bbl
  • US ULSD crack up 0.1$/bbl at 20.67$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 06: Gasoline stocks +2,310 vs Exp +75: Implied mogas demand -460, Distillate stocks +2,308 vs Exp +90, Implied dist demand -439, Ref Run rate -0.50 vs Exp -0.82.
  • US Jet Fuel inventories have climbed not only to their highest level since 2010, but also the highest on record from a seasonal basis
  • Hurricane Francine could hit six US Gulf Coast refineries and 22 ports as it was nearing landfall on the Louisiana coast as of 9:52 am ET, according to Bloomberg using Bureau of Ocean Energy Management and EIA data.
  • ExxonMobil plans to cut its Baton Rouge refinery's 522,500 bpd capacity to as low as 20% by Wednesday ahead of hurricane Francine according to Reuters sources.
  • Valero has reported that the maintenance event has concluded and has issued an all clear at 205k b/d Houston, Texas refinery, according to Reuters.
  • Nigeria’s 650k b/d Dangote refinery will operate at full capacity in 3-4 months, Engineers India chairman Vartika Shukla said, cited by Bloomberg.
  • Port of Fujairah oil product inventories rose 11% in the week to Sept. 9 to 18.742 million barrels, the highest since July 15 according to Fujairah Oil Industry Zone Data.
  • Retail gasoline prices in Russia rose 0.38% in the week Sep. 3-9, Rosstat said, cited by Bloomberg.
  • MNI COMMODITY WEEKLY: Read here
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Stock builds and weak demand data is weighing on US gasoline crack spreads, reversing earlier gains ahead of the data release

  • US gasoline crack down 0.7$/bbl at 12.18$/bbl
  • US ULSD crack up 0.1$/bbl at 20.67$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 06: Gasoline stocks +2,310 vs Exp +75: Implied mogas demand -460, Distillate stocks +2,308 vs Exp +90, Implied dist demand -439, Ref Run rate -0.50 vs Exp -0.82.
  • US Jet Fuel inventories have climbed not only to their highest level since 2010, but also the highest on record from a seasonal basis
  • Hurricane Francine could hit six US Gulf Coast refineries and 22 ports as it was nearing landfall on the Louisiana coast as of 9:52 am ET, according to Bloomberg using Bureau of Ocean Energy Management and EIA data.
  • ExxonMobil plans to cut its Baton Rouge refinery's 522,500 bpd capacity to as low as 20% by Wednesday ahead of hurricane Francine according to Reuters sources.
  • Valero has reported that the maintenance event has concluded and has issued an all clear at 205k b/d Houston, Texas refinery, according to Reuters.
  • Nigeria’s 650k b/d Dangote refinery will operate at full capacity in 3-4 months, Engineers India chairman Vartika Shukla said, cited by Bloomberg.
  • Port of Fujairah oil product inventories rose 11% in the week to Sept. 9 to 18.742 million barrels, the highest since July 15 according to Fujairah Oil Industry Zone Data.
  • Retail gasoline prices in Russia rose 0.38% in the week Sep. 3-9, Rosstat said, cited by Bloomberg.
  • MNI COMMODITY WEEKLY: Read here