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OIL PRODUCTS: Oil Products End of Day Summary: Gasoline Cracks Supported

OIL PRODUCTS
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US gasoline cracks spread have seen support from a larger than expected stocks draw and a surge in implied demand.

  • US gasoline crack up 0.3$/bbl at 13.54$/bbl
  • US ULSD crack down 0.7$/bbl at 22.41$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Oct 04
  • Gasoline stocks -6,304 vs Exp -572, Implied mogas demand +1,133, Distillate stocks -3,124 vs Exp -1,719, Implied dist demand +393.
  • Europe is poised for a flood of diesel imports in October as a surge in shipments from the US coincides with arrivals from Saudi Arabia, Bloomberg said.
  • Port of Fujairah oil product storage reached 16.02 million barrels, up 12% from 14.365 million barrels on Sept. 23.
  • Russian refiners plan to take 4 million metric tons of capacity offline in October for maintenance – 67% higher than a previous plan according to Reuters sources.
  • Exxon Mobil’s 235k b/d Gravenchon refinery in France had a technical incident Oct. 9 during the morning which led to flaring, according to a community alert cited by Bloomberg.
  • Petron Malaysia Refining & Marketing’s 88kb/d Port Dickson refinery, Negeri Sembilan, is undergoing a maintenance shutdown lasting approximately 8 weeks, according to Reuters.
  • Iraq has begun jet fuel exports from domestic ports, which would be the first shipment since Jan. 2023, amid surging Middle East prices, Platts said.
  • Total air passenger demand measured in revenue passenger kilometres (RPK), rose 8.6% compared to Aug. 2023, IATA said last week.
  • MNI COMMODITY WEEKLY: China Weakness Remains the Demand Driver for Oil: Full piece here:https://enews.marketnews.com/ct/x/pjJscVWPwu8I6a42KhtzTA~k1zZ8KXr-kA8x6mSXcOnptIPjO1OcQ
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US gasoline cracks spread have seen support from a larger than expected stocks draw and a surge in implied demand.

  • US gasoline crack up 0.3$/bbl at 13.54$/bbl
  • US ULSD crack down 0.7$/bbl at 22.41$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Oct 04
  • Gasoline stocks -6,304 vs Exp -572, Implied mogas demand +1,133, Distillate stocks -3,124 vs Exp -1,719, Implied dist demand +393.
  • Europe is poised for a flood of diesel imports in October as a surge in shipments from the US coincides with arrivals from Saudi Arabia, Bloomberg said.
  • Port of Fujairah oil product storage reached 16.02 million barrels, up 12% from 14.365 million barrels on Sept. 23.
  • Russian refiners plan to take 4 million metric tons of capacity offline in October for maintenance – 67% higher than a previous plan according to Reuters sources.
  • Exxon Mobil’s 235k b/d Gravenchon refinery in France had a technical incident Oct. 9 during the morning which led to flaring, according to a community alert cited by Bloomberg.
  • Petron Malaysia Refining & Marketing’s 88kb/d Port Dickson refinery, Negeri Sembilan, is undergoing a maintenance shutdown lasting approximately 8 weeks, according to Reuters.
  • Iraq has begun jet fuel exports from domestic ports, which would be the first shipment since Jan. 2023, amid surging Middle East prices, Platts said.
  • Total air passenger demand measured in revenue passenger kilometres (RPK), rose 8.6% compared to Aug. 2023, IATA said last week.
  • MNI COMMODITY WEEKLY: China Weakness Remains the Demand Driver for Oil: Full piece here:https://enews.marketnews.com/ct/x/pjJscVWPwu8I6a42KhtzTA~k1zZ8KXr-kA8x6mSXcOnptIPjO1OcQ