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OIL PRODUCTS: Oil Products Summary at European Close: Diesel Ticks Up

OIL PRODUCTS
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Diesel and gasoline cracks spreads are maintaining gains amid stocks draws and slightly higher weekly implied demand to keep four-week average levels near seasonal norms.

  • US gasoline crack up 0.3$/bbl at 13.03$/bbl
  • US ULSD crack up 0.7$/bbl at 21.76$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 20: Gasoline stocks -1,538 vs Exp -118, Implied mogas demand +429, Distillate stocks -2,227 vs Exp -1,217, Implied dist demand +224
  • Marathon Petroleum and the Teamsters union - which represents refinery workers in Detroit, Michigan - are still at a standstill, risking strike action.
  • Spain’s refineries controlled by Cepsa and Repsol have been ordered to maintain “minimum service levels” during a 24-hour strike that two unions have called for Sep. 27, Platts said.
  • KPC is closing a term tender on Wednesday offering LSFO from its Al Zour refinery for October to December loading this year according to Reuters sources.
  • Official production started at phase one of Shandong Yulong Petrochemical’s refinery on Sept. 25 and is set to be fully operational by year-end, according to Bloomberg citing local Yantai television.
  • Port of Fujairah oil product stocks slipped to a 2.5 year low in the latest data - falling 21% w/w.
  • MNI COMMODITY WEEKLY: China Growth Reality Pressuring Any Oil Recovery: Full piece here: https://enews.marketnews.com/ct/x/pjJscVWIlr4I6a5uJx5wTw~k1zZ8KXr-kA8x6mSWpf2ptIPjO1OcQ  
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Diesel and gasoline cracks spreads are maintaining gains amid stocks draws and slightly higher weekly implied demand to keep four-week average levels near seasonal norms.

  • US gasoline crack up 0.3$/bbl at 13.03$/bbl
  • US ULSD crack up 0.7$/bbl at 21.76$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 20: Gasoline stocks -1,538 vs Exp -118, Implied mogas demand +429, Distillate stocks -2,227 vs Exp -1,217, Implied dist demand +224
  • Marathon Petroleum and the Teamsters union - which represents refinery workers in Detroit, Michigan - are still at a standstill, risking strike action.
  • Spain’s refineries controlled by Cepsa and Repsol have been ordered to maintain “minimum service levels” during a 24-hour strike that two unions have called for Sep. 27, Platts said.
  • KPC is closing a term tender on Wednesday offering LSFO from its Al Zour refinery for October to December loading this year according to Reuters sources.
  • Official production started at phase one of Shandong Yulong Petrochemical’s refinery on Sept. 25 and is set to be fully operational by year-end, according to Bloomberg citing local Yantai television.
  • Port of Fujairah oil product stocks slipped to a 2.5 year low in the latest data - falling 21% w/w.
  • MNI COMMODITY WEEKLY: China Growth Reality Pressuring Any Oil Recovery: Full piece here: https://enews.marketnews.com/ct/x/pjJscVWIlr4I6a5uJx5wTw~k1zZ8KXr-kA8x6mSWpf2ptIPjO1OcQ