OIL PRODUCTS: Oil Products End of Day Summary: Gasoline Crack Rangebound

Gasoline cracks have struggled for direction today and are rangebound as close approaches. Meanwhile, diesel cracks are continuing their downtrend as tepid summer demand has been adding pressure.

• US gasoline crack up 0$/bbl at 14.3$/bbl
• US ULSD crack down 0.6$/bbl at 22.59$/bbl
• Dangote has begun test runs of the 204,000 bpd Residue Fluidized Catalytic Cracking Unit at the 650,000 bpd Lekki Refinery in Nigeria and expects to begin commercial operations by mid-September 2024.
• The Litvinov refinery in the Czech Republic will be offline until the beginning of September. It went offline Wednesday because of an unexploded WW2 bomb.
• Singapore Refining Company has shut a CDU at its refinery on Jurong Island, Singapore, for scheduled maintenance until September according to Reuters sources.
• Asia’s LSFO crack surged to its highest level in nearly five months, while the market structure also strengthened to its widest backwardation since early March, Platts said.
• In the week to Aug. 21, road congestion levels in China’s 15 key cities rebounded slightly following four consecutive weeks of decline, according to BNEF.
• Global implied jet fuel demand in the week commencing Aug. 20 is seen down 0.32% on the week to 7.133m b/d, according to BNEF.