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OIL PRODUCTS: Oil Products Summary at European Close: Cracks Dip

OIL PRODUCTS
BulletEnergy BulletsCommodities

Diesel and gasoline crack spreads are trading lower today with diesel demand falling further below normal this week. Gasoline stocks showed another unexpected increase this week due to higher production while both imports and exports recovered higher

  • US gasoline crack down 0.8$/bbl at 12.2$/bbl
  • US ULSD crack down 0.6$/bbl at 24.87$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Nov 22: Gasoline stocks +3,314 vs Exp -390, Implied mogas demand +87, Distillate stocks +416 vs Exp -47, Implied dist demand -57
  • Russia may lift its gasoline export ban from refineries through Dec. 1 to Jan. 31 according to Kommersant reports citing sources.
  • Russian refined oil product exports rebounded 18% m/m to 2.3mb/d in November 1-20 driven by diesel and naphtha shipments to offset a drop in fuel oil, according to Bloomberg citing Vortexa data.
  • Suncor Energy said all affected units at its 85,000 bpd Sarnia refinery in Ontario have returned to operational issue.
  • Nigeria’s NNPC restarted its 210,000 bpd Port Harcourt refinery on Tuesday after three and a half years offline.
  • Port of Fujairah oil product inventories dropped 15% w/w to 14.235mn bbls – below the previous all-time low set in Feb 2022, driven by fuel oil tightness.
  • Ample LSFO supplies in Singapore have narrowed the spread against HSFO to its weakest in five months, reducing shipowner’s saving from scrubber investments, Platts said.
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Diesel and gasoline crack spreads are trading lower today with diesel demand falling further below normal this week. Gasoline stocks showed another unexpected increase this week due to higher production while both imports and exports recovered higher

  • US gasoline crack down 0.8$/bbl at 12.2$/bbl
  • US ULSD crack down 0.6$/bbl at 24.87$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Nov 22: Gasoline stocks +3,314 vs Exp -390, Implied mogas demand +87, Distillate stocks +416 vs Exp -47, Implied dist demand -57
  • Russia may lift its gasoline export ban from refineries through Dec. 1 to Jan. 31 according to Kommersant reports citing sources.
  • Russian refined oil product exports rebounded 18% m/m to 2.3mb/d in November 1-20 driven by diesel and naphtha shipments to offset a drop in fuel oil, according to Bloomberg citing Vortexa data.
  • Suncor Energy said all affected units at its 85,000 bpd Sarnia refinery in Ontario have returned to operational issue.
  • Nigeria’s NNPC restarted its 210,000 bpd Port Harcourt refinery on Tuesday after three and a half years offline.
  • Port of Fujairah oil product inventories dropped 15% w/w to 14.235mn bbls – below the previous all-time low set in Feb 2022, driven by fuel oil tightness.
  • Ample LSFO supplies in Singapore have narrowed the spread against HSFO to its weakest in five months, reducing shipowner’s saving from scrubber investments, Platts said.