OIL PRODUCTS: Oil Products Summary at European Close: Diesel Cracks Fall

Diesel cracks have eased back today, continuing the ongoing bearish trend amid healthy supply and disappointing demand. However, refinery maintenance season is expected to find some support.

• US gasoline crack up 0.5$/bbl at 12.13$/bbl
• US ULSD crack down 0.1$/bbl at 20.98$/bbl
• US gasoline demand fell 3.8% last week from the week prior according to GasBuddy.
• Nigeria’s state owned NNPC said on Saturday it would not be the sole buyer of gasoline from the Dangote refinery but would step in if the facility sold above pump prices.
• PBF Torrance, California 160,000 bpd refinery reports unplanned flaring due to malfunction according to regulatory filing.
• India’s 210,000 bpd Chennai refinery has shut one of its main crude units and some secondary units until mid-October for maintenance, Reuters said.
• Bahrain's Bapco plans to import heavier crude due to the expansion of its Sitra refinery to 380,000 bpd company execs said at APPEC.
• CDU capacity utilisation rates at China’s state-owned refineries are expected to remain unchanged in the week to Sep. 12, according to OilChem.
• Chinese refiners are likely buying a combined 16m bbl/month of oil for the SPR to capitalise on current low prices, Energy Aspects said citing meetings with Chinese energy majors.
• Arrivals of feedstocks, at ports in Shandong Province and Tianjin imported by Teapots totalled 9.75m mt in August, OilChem said.
• Global airline passenger capacity is set to decline to 117.16m seats in the seven days commencing from Sep. 09, OAG said.
• India’s Civil Aviation Minister K Rammohan Naidu Sep. 9 pitched for SAF adoption in the country, according to the Economic Times, cited by Bloomberg.