OIL PRODUCTS: Oil Products Summary at European Close: Cracks Under Pressure

US crack spreads remain weak as EIA yesterday showed both gasoline and distillate demand were lower as the holiday season ended.

• US gasoline crack down 0.5$/bbl at 11.94$/bbl
• US ULSD crack down 0.3$/bbl at 20.41$/bbl
• ARA oil product stockpiles according to Insights Global:
• Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 918, -57, Naphtha: 469, -22, Gasoil: 2,554, +109, Fuel Oil: 1,262, +20, Jet Fuel: 957, +52
• US gasoline demand ended the 2024 summer driving season well below pre-Covid pandemic levels, and at the lower end of post-Covid norms, Argus said.
• PBF Energy reported a mechanical issue with the hydrocracker at its 160,000 bpd Torrance refinery in California according to a regulatory filing on Wednesday.
• Shell said on Wednesday that oil production at its Perdido, Auger, and Enchilada/Salsa fields remains shut due to Hurricane Francine which made landfall in Louisiana on Wednesday.
• The Ineos Grangemouth refinery in Scotland is set to close in Q2 2025, after attempts by unions and the government to extend its operations failed.
• Woodside Energy shut in production of its Shenzi oil production facility in the U.S. Gulf of Mexico on Wednesday after its onshore refinery lost power due to Francine.
• The Eneos Negishi refinery near Tokyo, Japan, shut its 153,000 bpd CDU on September 9 for planned maintenance according to the company.
• The volume of fuel oil stockpiles in Singapore in the seven days to Sep. 11 fell to its lowest since July 10, according to official data
• Road traffic in 15 key Chinese cities saw a fourth consecutive week of growth in the seven days to Sep. 11, according to BNEF.