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

OIL PRODUCTS
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US diesel cracks are seeing a little support from upcoming refinery maintenance season and the storm risks to Gulf coast refineries. Meanwhile, downside pressure from weak demand remains. Gasoline cracks are gaining ground as RBOB’s losses are outpaced by a weakening crude market.

  • US ULSD crack down 0.7$/bbl at 20.89$/bbl
  • US gasoline crack up 0.1$/bbl at 12.48$/bbl
  • US 321 crack down 0.2$/bbl at 15.28$/bbl
  • ULSD OCT 24 down 2.8% at 2.08$/gal
  • RBOB OCT 24 down 2.1% at 1.88$/gal
  • Russia’s crude processing fell to an average of 5.33mb/d during Sept. 1-4, sources told Bloomberg.
  • China’s state-owned refineries are projected to keep raising their CDU capacity in September, according to OilChem.
  • Run rate cuts by China’s independent refiners due to weak margins could result in a 1% drop y/y in China’s crude throughput in 2024 while crude imports are expected to fall 1.2% y/y,
  • China’s gasoline crack spread fell 8% over Jan.-Aug, while the diesel crack fell 35% and jet crack spread fell 24%.
  • Japan’s refinery runs with rise in the coming months for increased jet fuel demand according to ENEOS Managing Executive Officer Yasuhiko Oshida at APPEC.
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US diesel cracks are seeing a little support from upcoming refinery maintenance season and the storm risks to Gulf coast refineries. Meanwhile, downside pressure from weak demand remains. Gasoline cracks are gaining ground as RBOB’s losses are outpaced by a weakening crude market.

  • US ULSD crack down 0.7$/bbl at 20.89$/bbl
  • US gasoline crack up 0.1$/bbl at 12.48$/bbl
  • US 321 crack down 0.2$/bbl at 15.28$/bbl
  • ULSD OCT 24 down 2.8% at 2.08$/gal
  • RBOB OCT 24 down 2.1% at 1.88$/gal
  • Russia’s crude processing fell to an average of 5.33mb/d during Sept. 1-4, sources told Bloomberg.
  • China’s state-owned refineries are projected to keep raising their CDU capacity in September, according to OilChem.
  • Run rate cuts by China’s independent refiners due to weak margins could result in a 1% drop y/y in China’s crude throughput in 2024 while crude imports are expected to fall 1.2% y/y,
  • China’s gasoline crack spread fell 8% over Jan.-Aug, while the diesel crack fell 35% and jet crack spread fell 24%.
  • Japan’s refinery runs with rise in the coming months for increased jet fuel demand according to ENEOS Managing Executive Officer Yasuhiko Oshida at APPEC.