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OIL PRODUCTS: Oil Products Summary at European Close: Gasoline Cracks Falls

OIL PRODUCTS
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Gasoline cracks have extended the decline with a fall in US implied demand in the week. Meanwhile, diesel cracks find some support with distillates demand rising in the week.

  • US gasoline crack down 1.4$/bbl at 11.46$/bbl
  • US ULSD crack up 0.3$/bbl at 21.75$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Aug 30: Gasoline stocks +848 vs Exp -1,153, Implied mogas demand -369, Distillate stocks -371 vs Exp -19, Implied dist demand +175.
  • US refining can compete with other global markets according to Phillips 66 Chief Executive Officer Mark Lashier in an interview with Bloomberg TV this week.
  • The fire at a major Moscow refinery earlier this week after a Ukrainian drone strike will not result in fuel shortages in the region according to Interfax reports citing Russian Energy Minister Sergei Tsivilev.
  • Russia diesel exports plunged 770k b/d in August as diesel loadings were impacted at the start of the month, Bloomberg said.
  • Russia’s oil product exports dropped to a four-month low in August, mainly due to a sharp slide in diesel shipments, Bloomberg said.
  • All units at Petkim’s Star Refinery in Turkey have been shut down as part of planned maintenance according to the company.
  • Average bunker fuel prices for conventional fuels fell across the major hubs in August, while alternative LNG bunkering costs rose, Platts data showed.
  • Singapore oil product inventories rose by 1.48m bbls w/w to 46m bbls in the week to Sept. 4 - the largest weekly jump since July 17, according to Enterprise data.
  • China will cut retail diesel and gasoline prices by 100 y/mt (~$14.09/mt), the NDRC said from Sep. 6, according to Xinhua.
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Gasoline cracks have extended the decline with a fall in US implied demand in the week. Meanwhile, diesel cracks find some support with distillates demand rising in the week.

  • US gasoline crack down 1.4$/bbl at 11.46$/bbl
  • US ULSD crack up 0.3$/bbl at 21.75$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Aug 30: Gasoline stocks +848 vs Exp -1,153, Implied mogas demand -369, Distillate stocks -371 vs Exp -19, Implied dist demand +175.
  • US refining can compete with other global markets according to Phillips 66 Chief Executive Officer Mark Lashier in an interview with Bloomberg TV this week.
  • The fire at a major Moscow refinery earlier this week after a Ukrainian drone strike will not result in fuel shortages in the region according to Interfax reports citing Russian Energy Minister Sergei Tsivilev.
  • Russia diesel exports plunged 770k b/d in August as diesel loadings were impacted at the start of the month, Bloomberg said.
  • Russia’s oil product exports dropped to a four-month low in August, mainly due to a sharp slide in diesel shipments, Bloomberg said.
  • All units at Petkim’s Star Refinery in Turkey have been shut down as part of planned maintenance according to the company.
  • Average bunker fuel prices for conventional fuels fell across the major hubs in August, while alternative LNG bunkering costs rose, Platts data showed.
  • Singapore oil product inventories rose by 1.48m bbls w/w to 46m bbls in the week to Sept. 4 - the largest weekly jump since July 17, according to Enterprise data.
  • China will cut retail diesel and gasoline prices by 100 y/mt (~$14.09/mt), the NDRC said from Sep. 6, according to Xinhua.