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

Gasoline cracks have seen some support while diesel is net unchanged, after an initial reaction higher, following small increases in implied demand on the week.

• US 321 crack down 0$/bbl at 15.45$/bbl
• US gasoline crack up 0.3$/bbl at 12.73$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Aug 23: Gasoline stocks -2,203 vs Exp -1,931, Implied mogas demand +114, Distillate stocks +275 vs Exp -780, Implied dist demand +246.
• Valero’s 170kb/d Benicia refinery in PADD 5 halted equipment on Aug. 27 morning after a flaring event.
• TotalEnergies 109k b/d  Feyzin refinery had a fire on Monday on equipment related to the reformer according to Le Progres reporting.
• The Czech government has approved lending Orlen 135,000 cubic metres of refined fuels because of the outage at Litvinov due to an unexploded WW2 bomb.
• OCAR's 200kb/d STAR oil refinery in Turkey is set to halt operations for up to two months from early September of maintenance, Reuters said.
• Declining water levels on the Rhine are severely restricting the amount of oil that barges can carry to inland Europe, Bloomberg said.
• Port of Fujairah oil product inventories edged 0.4% lower w/w to 17.803m bbl according to FOIZ data published Aug. 28. 
• Refiners in China are forecast to cut oil product exports by 20% m/m to 2.59m tons in September, according to Mysteel OilChem cited by Bloomberg.
• Total air cargo demand, measured in cargo tonne-km, rose by 13.6% compared to July 2023 levels, and 14.3% for international operations, IATA said.
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