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

OIL PRODUCTS
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Gasoline cracks are down around 9% on the week and are losing ground on the day. A surprise US stock build has added pressure on the week.

  • US gasoline crack down 0.5$/bbl at 12.05$/bbl
  • US ULSD crack up 0.1$/bbl at 24.49$/bbl
  • Gasoline liftings have been increasing from Nigeria’s Dangote refinery, first emerging in October and then rising into November while fuel oil loadings are decreasing according to Vortexa (see chart for details).
  • China’s refined product exports are planned at 1.94m mt in December, down 37% from planned November volumes, OilChem said.
  • Asia’s hi-5 fuel oil spread narrowed by over 20% on the week reflecting a weaker market for VLSFO, while HSFO has gained ground, Reuters said.
  • Imperial reports it restarted processing equipment at its 120kbpd Sarnia refinery in Canada on Thursday following planned maintenance.
  • Russian refinery runs rose to 5.32 b/d in the first 20 days of November as seasonal maintenance ended, BNEF said.
  • Gas production was also up 24% on the year in Q3 to 2.5 bcf/d, heavily driven by a rise in production from independent operators, Rystad said, cited by Reuters.
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Gasoline cracks are down around 9% on the week and are losing ground on the day. A surprise US stock build has added pressure on the week.

  • US gasoline crack down 0.5$/bbl at 12.05$/bbl
  • US ULSD crack up 0.1$/bbl at 24.49$/bbl
  • Gasoline liftings have been increasing from Nigeria’s Dangote refinery, first emerging in October and then rising into November while fuel oil loadings are decreasing according to Vortexa (see chart for details).
  • China’s refined product exports are planned at 1.94m mt in December, down 37% from planned November volumes, OilChem said.
  • Asia’s hi-5 fuel oil spread narrowed by over 20% on the week reflecting a weaker market for VLSFO, while HSFO has gained ground, Reuters said.
  • Imperial reports it restarted processing equipment at its 120kbpd Sarnia refinery in Canada on Thursday following planned maintenance.
  • Russian refinery runs rose to 5.32 b/d in the first 20 days of November as seasonal maintenance ended, BNEF said.
  • Gas production was also up 24% on the year in Q3 to 2.5 bcf/d, heavily driven by a rise in production from independent operators, Rystad said, cited by Reuters.