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

OIL PRODUCTS
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Diesel and gasoline cracks are seeing some support with demand holding near normal and US stocks building below expectations. US refinery utilisation fell last week, driven by outages on the Gulf Coast due to Hurricane Francine. 

  • US gasoline crack up 0.7$/bbl at 14.24$/bbl
  • US ULSD crack up 0.1$/bbl at 19.44$/bbl
  • ARA oil product stockpiles according to Insights Global:
  • Inventory type, latest level, weekly change (all in thousand metric tons) as follows:
  • Gasoline: 989, +71, Naphtha: 509, +40, Gasoil: 2,566, +12, Fuel Oil: 1,240, -22, Jet Fuel: 985, +28
  • European imports of diesel and gasoil are likely to rise to the highest since April 2023 to about 1.36mb/d in September, according to Bloomberg citing Kpler data.
  • TotalEnergies 238kb/d Port Arthur refinery in Texas had a process upset at Unit 835, according to a Texas Commission on Environmental Quality filing.
  • Spanish Oil Refiner Cepsa said it hasn’t cut runs at its refineries as margins in Europe have weakened.
  • Exxon Mobil’s 270kb/d Fawley refining/chemicals complex is managing a temporary process interruption at the one of the operating units, according to a post on X.
  • Total oil product stockpiles in Singapore fell 4k bbl on the week to 42.87m bbl in the week to Sep. 18, according to Enterprise Singapore data.
  • Goldman Sachs has lowered the distillate margin forecast for next year by $5/bbl due to a drop in refinery utilization, demand weakness and lower tanker freight rate assumptions.
  • China’s SAF pilot programme begins Sep. 19, starting with 12 commercial flights from Air China, China Eastern, and China Southern departing from four Chinese international airports, Platts said.
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Diesel and gasoline cracks are seeing some support with demand holding near normal and US stocks building below expectations. US refinery utilisation fell last week, driven by outages on the Gulf Coast due to Hurricane Francine. 

  • US gasoline crack up 0.7$/bbl at 14.24$/bbl
  • US ULSD crack up 0.1$/bbl at 19.44$/bbl
  • ARA oil product stockpiles according to Insights Global:
  • Inventory type, latest level, weekly change (all in thousand metric tons) as follows:
  • Gasoline: 989, +71, Naphtha: 509, +40, Gasoil: 2,566, +12, Fuel Oil: 1,240, -22, Jet Fuel: 985, +28
  • European imports of diesel and gasoil are likely to rise to the highest since April 2023 to about 1.36mb/d in September, according to Bloomberg citing Kpler data.
  • TotalEnergies 238kb/d Port Arthur refinery in Texas had a process upset at Unit 835, according to a Texas Commission on Environmental Quality filing.
  • Spanish Oil Refiner Cepsa said it hasn’t cut runs at its refineries as margins in Europe have weakened.
  • Exxon Mobil’s 270kb/d Fawley refining/chemicals complex is managing a temporary process interruption at the one of the operating units, according to a post on X.
  • Total oil product stockpiles in Singapore fell 4k bbl on the week to 42.87m bbl in the week to Sep. 18, according to Enterprise Singapore data.
  • Goldman Sachs has lowered the distillate margin forecast for next year by $5/bbl due to a drop in refinery utilization, demand weakness and lower tanker freight rate assumptions.
  • China’s SAF pilot programme begins Sep. 19, starting with 12 commercial flights from Air China, China Eastern, and China Southern departing from four Chinese international airports, Platts said.