September 16, 2024 15:29 GMT
OIL PRODUCTS: Oil Products Summary at European Close: Diesel Cracks Lose Ground
OIL PRODUCTS
Diesel cracks spreads are extending the bearish trend with the US spread the lowest since 2021 although gasoline cracks are finding some support so far this month.
- US gasoline crack up 0.8$/bbl at 12.98$/bbl
- US ULSD crack down 0.4$/bbl at 18.15$/bbl
- US gasoline demand rose marginally by 0.2% w/w for the week ended September 14 according to GasBuddy data.
- EBOB gasoline cracks are expected to see some near-term support due to strong European refinery maintenance in Autumn, according to Energy Aspects cited by Bloomberg.
- Phillips66 Lake Charles refinery continues to operate normally according to regulatory filings following minimal damage from hurricane Francine last week.
- France’s CFDT trade union said on Monday it was keeping all options open for protests at ExxonMobil sites across France over the reorganization of the Port Jerome facility.
- Kazakhstan’s Atyrau refinery will stop for maintenance between Oct. 1-25, the country’s energy ministry said Sep. 16, cited by Reuters.
- Spain’s Repsol is refining less crude and reducing run rates by about 5% due to weakening margins, according to Bloomberg sources.
- Oil India is aiming for expanded capacity of 180kbpd at its Numaligarh refinery in the northeastern state of Assam to be operational in the fiscal year to March 2027, said Chairman Ranjit Rath cited by Reuters.
- Indian retailers sold 2.4 million metric tons of diesel in the first half of September - down 4% from the same period in August and by 12.3% from a year earlier, according to preliminary PPAC data.
- Nigeria’s 650k b/d Dangote refinery has begun selling gasoline in the domestic market to NNPC, Argus said.
- Global airline passenger capacity is set to decline to 116.61m seats in the seven days commencing from Sep. 16, OAG said.
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