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OIL PRODUCTS: Oil Products Summary at European Close: Gasoline Crack Up on Week

OIL PRODUCTS
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The US gasoline crack is up on the day and is set for a net weekly gain of 6.6%. However, product crack spreads remain weak with the US diesel crack yesterday falling to a new recent low of $19.65/bbl. EIA showed declines in both gasoline and distillate demand again this week. However, 

  • US gasoline crack up 0.3$/bbl at 12.42$/bbl
  • US ULSD crack down 0.7$/bbl at 19.33$/bbl
  • Six oil refineries in Louisiana began recovering after Hurricane Francine passed, Reuters sources said, but multiple facilities were operating at reduced rates, according to EIA late yesterday
  • LatAm seaborne diesel import demand has grown fairly significantly so far in 2024 to diverge from gasoline/blending component imports, according to Vortexa.
  • Gazprom Neft’s Moscow Oil Refinery resumed operations on September 10 at crude distillation unit-6 (CDU-6), according to Reuters sources.
  • China’s independent refineries in Shandong ae bracing for a potential feedstock shortage in Q4, as they near the end of their crude import quota utilisation and face higher cost of alternative feedstocks, Platts said.
  • Asia’s benchmarks for VLSFO have fallen on the week as the market retreats following a recent rally, Reuters said.
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The US gasoline crack is up on the day and is set for a net weekly gain of 6.6%. However, product crack spreads remain weak with the US diesel crack yesterday falling to a new recent low of $19.65/bbl. EIA showed declines in both gasoline and distillate demand again this week. However, 

  • US gasoline crack up 0.3$/bbl at 12.42$/bbl
  • US ULSD crack down 0.7$/bbl at 19.33$/bbl
  • Six oil refineries in Louisiana began recovering after Hurricane Francine passed, Reuters sources said, but multiple facilities were operating at reduced rates, according to EIA late yesterday
  • LatAm seaborne diesel import demand has grown fairly significantly so far in 2024 to diverge from gasoline/blending component imports, according to Vortexa.
  • Gazprom Neft’s Moscow Oil Refinery resumed operations on September 10 at crude distillation unit-6 (CDU-6), according to Reuters sources.
  • China’s independent refineries in Shandong ae bracing for a potential feedstock shortage in Q4, as they near the end of their crude import quota utilisation and face higher cost of alternative feedstocks, Platts said.
  • Asia’s benchmarks for VLSFO have fallen on the week as the market retreats following a recent rally, Reuters said.