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

OIL PRODUCTS
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Global distillate cracks are softening today. The return of refinery runs after autumn maintenance is likely to add some pressure to diesel cracks.

  • US gasoline crack down 0.5$/bbl at 12.73$/bbl
  • US ULSD crack down 0.1$/bbl at 24.64$/bbl
  • US gasoline cracks have facing downward pressure since Nov. 21 although increased travel during the upcoming holiday could help boost demand.
  • The U.S. national average gasoline price may fall below $3/gallon ahead of Thanksgiving travel, serving it a boost according to Gas Buddy’s lead analyst Patrick De Haan speaking on CNBC.
  • Chinese refiners have increased oil product exports ahead of a tax change next month, according to Mysteel OilChem cited by Bloomberg.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to remain flat in the week to Nov. 28 according to OilChem, with no overhauls or maintenance planned.
  • China’s gasoline demand is projected to stay at current levels as low temperature in North China will sustain the use of fuel vehicles.
  • A fourth oil refinery in Kazakhstan, expected to be built after 2030, will most likely be located in the West Kazakhstan region, Energy Minister Almassadam Satkaliyev cited by Bloomberg.
  • Weaker LSFO demand and ample stockpiles in Singapore due to competition from alternative locations in Malaysia and China have narrowed the grade’s spread vs Fujairah in November, Platts said.
  • Global airline passenger capacity is set to decline to 107.65m seats in the seven days commencing from Nov. 25, OAG said.
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Global distillate cracks are softening today. The return of refinery runs after autumn maintenance is likely to add some pressure to diesel cracks.

  • US gasoline crack down 0.5$/bbl at 12.73$/bbl
  • US ULSD crack down 0.1$/bbl at 24.64$/bbl
  • US gasoline cracks have facing downward pressure since Nov. 21 although increased travel during the upcoming holiday could help boost demand.
  • The U.S. national average gasoline price may fall below $3/gallon ahead of Thanksgiving travel, serving it a boost according to Gas Buddy’s lead analyst Patrick De Haan speaking on CNBC.
  • Chinese refiners have increased oil product exports ahead of a tax change next month, according to Mysteel OilChem cited by Bloomberg.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to remain flat in the week to Nov. 28 according to OilChem, with no overhauls or maintenance planned.
  • China’s gasoline demand is projected to stay at current levels as low temperature in North China will sustain the use of fuel vehicles.
  • A fourth oil refinery in Kazakhstan, expected to be built after 2030, will most likely be located in the West Kazakhstan region, Energy Minister Almassadam Satkaliyev cited by Bloomberg.
  • Weaker LSFO demand and ample stockpiles in Singapore due to competition from alternative locations in Malaysia and China have narrowed the grade’s spread vs Fujairah in November, Platts said.
  • Global airline passenger capacity is set to decline to 107.65m seats in the seven days commencing from Nov. 25, OAG said.