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

OIL PRODUCTS
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Diesel cracks are holding yesterday’s gains with support from refinery maintenance and possible run cuts, but margins remain under pressure due to tepid demand. 

  • US ULSD crack up 0$/bbl at 20.6$/bbl
  • US gasoline crack up 0.2$/bbl at 12.65$/bbl
  • US 321 crack up 0.2$/bbl at 15.3$/bbl
  • ULSD OCT 24 up 1.2% at 2.17$/gal
  • RBOB OCT 24 up 1.6% at 2.02$/gal
  • Gasoline cracks have also found support during the European afternoon session, likely supported by the onset of refinery maintenance season.
  • Oil producers BP, Chevron, Equinor and Shell are evacuating staff from some Gulf of Mexico facilities, and several have paused some production before the arrival of another tropical storm through the region. The system is expected to develop into a major hurricane before approaching the northeastern Gulf Coast on Thursday.
  • Russian fuel oil exports are set to rebound the highest since February 2022, according to Bloomberg, after flows plummeted in 2022 due to western sanctions.
  • Feedstock imports into Shandong province and Tianjin City by independent refineries during Jan-Aug showed an annual fall of 15%, according to OilChem.

 

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Diesel cracks are holding yesterday’s gains with support from refinery maintenance and possible run cuts, but margins remain under pressure due to tepid demand. 

  • US ULSD crack up 0$/bbl at 20.6$/bbl
  • US gasoline crack up 0.2$/bbl at 12.65$/bbl
  • US 321 crack up 0.2$/bbl at 15.3$/bbl
  • ULSD OCT 24 up 1.2% at 2.17$/gal
  • RBOB OCT 24 up 1.6% at 2.02$/gal
  • Gasoline cracks have also found support during the European afternoon session, likely supported by the onset of refinery maintenance season.
  • Oil producers BP, Chevron, Equinor and Shell are evacuating staff from some Gulf of Mexico facilities, and several have paused some production before the arrival of another tropical storm through the region. The system is expected to develop into a major hurricane before approaching the northeastern Gulf Coast on Thursday.
  • Russian fuel oil exports are set to rebound the highest since February 2022, according to Bloomberg, after flows plummeted in 2022 due to western sanctions.
  • Feedstock imports into Shandong province and Tianjin City by independent refineries during Jan-Aug showed an annual fall of 15%, according to OilChem.