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OIL PRODUCTS: Oil Products Summary at European Close: Cracks Climb on Week

OIL PRODUCTS
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US crack spreads are losing ground today but are set for gains on the week. Cracks are finding support from a return to normal demand levels, but spreads remain at overall low levels after plummeting in August.

  • US gasoline crack down 0.6$/bbl at 13.88$/bbl
  • US ULSD crack down 0.1$/bbl at 19.14$/bbl
  • China has issued the third fuel export quota of the year of 8m tons of gasoline, diesel and jet fuel, JLC and OilChem said, taking the total to 41m tons compared to 39.99m tons in 2023, according to Bloomberg.
  • China’s major new refinery, Yulong started up one of its two 200kbpd crude units on Sept. 20, according to Reuters sources.
  • Four units in the Scholven section at Germany’s Gelsenkirchen refinery are undergoing works, according to BP.
  • US refiners are set for the lightest autumn refinery maintenance season in three years, with 529kbpd of capacity offline, according to IIR cited by Bloomberg, and about half the offline capacity from last year.
  • The USGC has seen record diesel flows to NWE as favourable freight rates and strong refinery production boosts transatlantic trade, Platts said.
  • Russian oil-product exports rose in the first half of September with total seaborne flows up 10% from the previous month to about 2.2mbpd, according to Bloomberg based on Vortexa data.
  • The recent strength in the Singapore regrade spread, coupled with sluggish European prices pushed the FOB Persian Gulf cash diff to a 33-month low Sep. 19, Platts said.
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US crack spreads are losing ground today but are set for gains on the week. Cracks are finding support from a return to normal demand levels, but spreads remain at overall low levels after plummeting in August.

  • US gasoline crack down 0.6$/bbl at 13.88$/bbl
  • US ULSD crack down 0.1$/bbl at 19.14$/bbl
  • China has issued the third fuel export quota of the year of 8m tons of gasoline, diesel and jet fuel, JLC and OilChem said, taking the total to 41m tons compared to 39.99m tons in 2023, according to Bloomberg.
  • China’s major new refinery, Yulong started up one of its two 200kbpd crude units on Sept. 20, according to Reuters sources.
  • Four units in the Scholven section at Germany’s Gelsenkirchen refinery are undergoing works, according to BP.
  • US refiners are set for the lightest autumn refinery maintenance season in three years, with 529kbpd of capacity offline, according to IIR cited by Bloomberg, and about half the offline capacity from last year.
  • The USGC has seen record diesel flows to NWE as favourable freight rates and strong refinery production boosts transatlantic trade, Platts said.
  • Russian oil-product exports rose in the first half of September with total seaborne flows up 10% from the previous month to about 2.2mbpd, according to Bloomberg based on Vortexa data.
  • The recent strength in the Singapore regrade spread, coupled with sluggish European prices pushed the FOB Persian Gulf cash diff to a 33-month low Sep. 19, Platts said.