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

OIL PRODUCTS
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Diesel cracks have continued their rally which started yesterday, while gasoline cracks have halted their recent downtrend ahead of the expected demand boost over the Thanksgiving holiday.

  • US gasoline crack up 0.3$/bbl at 13.26$/bbl
  • US ULSD crack up 0.5$/bbl at 26.02$/bbl
  • US gasoline inventories are expected to have fallen by 1.3m bbl, according to Macquarie. Distillate and jet fuel inventories are seen flat on the week.
  • It appears that BP's Whiting, Indiana refinery, one of the largest purchasers of Canadian crude oil, was able to restart units after malfunctions last week according to GasBuddy analyst Patrick De Haan.
  • The CDU was back to normal operations at Valero’s 360,000 bpd Port Arthur refinery, Texas after completing repairs Reuters sources said on Monday.
  • The seven Pemex refineries operated at a one-year low in October amid maintenance and as the ramp up at the new Dos Bocas struggles, according to Bloomberg.
  • A fire broke out at Pemex’s 330k b/d Salina Cruz refinery effluents area, according to Bloomberg citing WRadio Oaxaca.
  • China’s exports of refined oil, namely gasoline, gasoil, and jet fuel, stood at 2.60m mt in October, down 3.51% on the month, according to GACC data, cited by OilChem.
  • China’s reduced export tax rebates should prolong tightness in diesel flows and provide a level of support for the Asian gasoil market according to FGE.
  • China’s LSFO and blendstock purchases should slow sharply from late December, as supplies from domestic refineries will recover once new VLSFO quotas are replenished for 2025 according to FGE.
  • The expansion of SAF could suffer a significant set-back under president-elect Donald Trump, according to aviation officials, cited by Reuters.
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Diesel cracks have continued their rally which started yesterday, while gasoline cracks have halted their recent downtrend ahead of the expected demand boost over the Thanksgiving holiday.

  • US gasoline crack up 0.3$/bbl at 13.26$/bbl
  • US ULSD crack up 0.5$/bbl at 26.02$/bbl
  • US gasoline inventories are expected to have fallen by 1.3m bbl, according to Macquarie. Distillate and jet fuel inventories are seen flat on the week.
  • It appears that BP's Whiting, Indiana refinery, one of the largest purchasers of Canadian crude oil, was able to restart units after malfunctions last week according to GasBuddy analyst Patrick De Haan.
  • The CDU was back to normal operations at Valero’s 360,000 bpd Port Arthur refinery, Texas after completing repairs Reuters sources said on Monday.
  • The seven Pemex refineries operated at a one-year low in October amid maintenance and as the ramp up at the new Dos Bocas struggles, according to Bloomberg.
  • A fire broke out at Pemex’s 330k b/d Salina Cruz refinery effluents area, according to Bloomberg citing WRadio Oaxaca.
  • China’s exports of refined oil, namely gasoline, gasoil, and jet fuel, stood at 2.60m mt in October, down 3.51% on the month, according to GACC data, cited by OilChem.
  • China’s reduced export tax rebates should prolong tightness in diesel flows and provide a level of support for the Asian gasoil market according to FGE.
  • China’s LSFO and blendstock purchases should slow sharply from late December, as supplies from domestic refineries will recover once new VLSFO quotas are replenished for 2025 according to FGE.
  • The expansion of SAF could suffer a significant set-back under president-elect Donald Trump, according to aviation officials, cited by Reuters.