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OIL PRODUCTS: Oil Products Summary at European Close: Diesel Cracks Edging Up

OIL PRODUCTS
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Diesel cracks are edging higher today but remain near lows of the year due to weak demand. Two Sinochem oil refineries have been declared bankrupt amid low margins while most of their units have been idled for months.

  • US gasoline crack down 0.3$/bbl at 12.21$/bbl
  • US ULSD crack up 0.1$/bbl at 17.81$/bbl
  • The near-term European Gasoil forward curve has returned to backwardation during the last week after trading in contango since mid-July.
  • European refiners have been forced to cut runs because of prolonged margin weakness according to FGE.
  • Battery electric vehicles sold in the EU are set to reach a total market share of 20%-24% by 2025, mostly because of cheaper selling prices, campaign group T&E said Sep. 17.
  • Water levels on the Danube River at the Passau measuring point increased further to 8.12m on Tuesday, up from 7.59m on Monday and above the seasonal average of 4.46m due to flooding in parts of NW Europe and Central Europe, BAFG data showed.
  • Nigeria's Dangote refinery significantly reduced its crude imports in August to 168 kbd - half of July’s level according to Kpler, something it said pointed towards supply issues.
  • Asia’s ULSD refining margins have dropped to a three-year low, according to Reuters.
  • Two of Sinochem’s refineries in China have been declared bankrupt according to Bloomberg reports, highlighting the issues facing older refineries in a low margin environment.
  • Efforts to scale up the US SAF market will hinge on the industry’s ability to narrow the price premium to conventional jet fuel, participants said at the Argus North American Biofuels, LCFS and Carbon Summit.
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Diesel cracks are edging higher today but remain near lows of the year due to weak demand. Two Sinochem oil refineries have been declared bankrupt amid low margins while most of their units have been idled for months.

  • US gasoline crack down 0.3$/bbl at 12.21$/bbl
  • US ULSD crack up 0.1$/bbl at 17.81$/bbl
  • The near-term European Gasoil forward curve has returned to backwardation during the last week after trading in contango since mid-July.
  • European refiners have been forced to cut runs because of prolonged margin weakness according to FGE.
  • Battery electric vehicles sold in the EU are set to reach a total market share of 20%-24% by 2025, mostly because of cheaper selling prices, campaign group T&E said Sep. 17.
  • Water levels on the Danube River at the Passau measuring point increased further to 8.12m on Tuesday, up from 7.59m on Monday and above the seasonal average of 4.46m due to flooding in parts of NW Europe and Central Europe, BAFG data showed.
  • Nigeria's Dangote refinery significantly reduced its crude imports in August to 168 kbd - half of July’s level according to Kpler, something it said pointed towards supply issues.
  • Asia’s ULSD refining margins have dropped to a three-year low, according to Reuters.
  • Two of Sinochem’s refineries in China have been declared bankrupt according to Bloomberg reports, highlighting the issues facing older refineries in a low margin environment.
  • Efforts to scale up the US SAF market will hinge on the industry’s ability to narrow the price premium to conventional jet fuel, participants said at the Argus North American Biofuels, LCFS and Carbon Summit.