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OIL PRODUCTS: Oil Products Summary at European Close: Cracks Edge Back

OIL PRODUCTS
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Diesel cracks erased earlier gains to be weaker today, as high product availability continues to weigh on product markets.

  • US gasoline crack down 0$/bbl at 14.71$/bbl
  • US ULSD crack down 0.1$/bbl at 21.34$/bbl
  • U.S. oil refiners are expected to have about 1.04m bpd of capacity offline in the week ending Oct. 18, raising available refining capacity by 40k b/d w/w: IIR Energy.
  • Total US gasoline stocks likely fell 1m bbl on the week, while distillate inventories were seen falling 2.5m bbl, according to a Platts survey.
  • Refiners in Europe and Asia could continue to cut crude runs this quarter, according to the IEA monthly Oil Market Report cited by Bloomberg.
  • Marathon has launched an investigation into an overnight refinery upset occurring at the Wilmington section of the company's 382,000 b/d Los Angeles OPIS reported on Monday.
  • Total warned of a slide in its Q3 European refining margins as a correction in oil product cracks from recent record highs pressured downstream profits, Platts reported.
  • Irving oil is carrying out planned maintenance at its Saint John refinery in Canada and expects work to be completed on October 20.
  • California’s Governor Gavin Newsom signed into law Oct. 14 a plan to tighten fuel refinery storage rules to prevent future shortages.
  • Russia plans to take 4.4m mt of refining capacity offline in October – a 10% increase on the prior plan: Reuters.
  • Russian refined oil product exports climbed to a three-month high Oct. 1-10, Bloomberg said.
  • More Russian fuel oil supplies are being imported into the Middle East instead of taking the longer journey to Asia, Vortexa said.
  • China’s gasoline production and consumption are expected to fall in October, according to OilChem.
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Diesel cracks erased earlier gains to be weaker today, as high product availability continues to weigh on product markets.

  • US gasoline crack down 0$/bbl at 14.71$/bbl
  • US ULSD crack down 0.1$/bbl at 21.34$/bbl
  • U.S. oil refiners are expected to have about 1.04m bpd of capacity offline in the week ending Oct. 18, raising available refining capacity by 40k b/d w/w: IIR Energy.
  • Total US gasoline stocks likely fell 1m bbl on the week, while distillate inventories were seen falling 2.5m bbl, according to a Platts survey.
  • Refiners in Europe and Asia could continue to cut crude runs this quarter, according to the IEA monthly Oil Market Report cited by Bloomberg.
  • Marathon has launched an investigation into an overnight refinery upset occurring at the Wilmington section of the company's 382,000 b/d Los Angeles OPIS reported on Monday.
  • Total warned of a slide in its Q3 European refining margins as a correction in oil product cracks from recent record highs pressured downstream profits, Platts reported.
  • Irving oil is carrying out planned maintenance at its Saint John refinery in Canada and expects work to be completed on October 20.
  • California’s Governor Gavin Newsom signed into law Oct. 14 a plan to tighten fuel refinery storage rules to prevent future shortages.
  • Russia plans to take 4.4m mt of refining capacity offline in October – a 10% increase on the prior plan: Reuters.
  • Russian refined oil product exports climbed to a three-month high Oct. 1-10, Bloomberg said.
  • More Russian fuel oil supplies are being imported into the Middle East instead of taking the longer journey to Asia, Vortexa said.
  • China’s gasoline production and consumption are expected to fall in October, according to OilChem.