OIL PRODUCTS: Oil Products Summary at European Close: Cracks Lose Ground

Gasoline cracks have moved back today, relinquishing some of their earlier gains. Diesel cracks are also trading lower and will receive further pressure from softer US manufacturing data.

• US gasoline crack down 0.2$/bbl at 14.05$/bbl
• US ULSD crack down 0.5$/bbl at 22.69$/bbl
• US S&P GLOBAL AUG. MANUFACTURING PMI AT 48 VS 49.6 PRIOR
• ARA oil product stockpiles according to Insights Global: Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 950, -45, Naphtha: 521, +104, Gasoil: 2,346, +72, Fuel Oil: 1,361, +3, Jet Fuel: 969, +58
• Dangote has begun test runs of the 204,000 bpd Residue Fluidized Catalytic Cracking Unit at the 650,000 bpd Lekki Refinery in Nigeria and expects to begin commercial operations by mid-September 2024.
• The Litvinov refinery in the Czech Republic will be offline until the beginning of September. It went offline Wednesday because of an unexploded WW2 bomb.
• Singapore Refining Company has shut a CDU at its refinery on Jurong Island, Singapore, for scheduled maintenance until September according to Reuters sources.
• Asia’s LSFO crack surged to its highest level in nearly five months, while the market structure also strengthened to its widest backwardation since early March, Platts said.
• In the week to Aug. 21, road congestion levels in China’s 15 key cities rebounded slightly following four consecutive weeks of decline, according to BNEF.
• Global implied jet fuel demand in the week commencing Aug. 20 is seen down 0.32% on the week to 7.133m b/d, according to BNEF.