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

OIL PRODUCTS
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US gasoline cracks spread have seen support from a larger than expected stocks draw and a surge in implied demand.

  • US gasoline crack up 0.9$/bbl at 14.3$/bbl
  • US ULSD crack down 0.1$/bbl at 22.43$/bbl
  • Hurricane Milton which made landfall on Florida's west coast, resulted in significant gasoline panic buying in PADD 1 with a quarter of stations in Florida with no gasoline.
  • ARA stocks according to Insights Global: Gasoil: -118 mt to 2,310k mt, Gasoline: +122k mt to 1,092k mt, Fuel Oil: -137k at 1,235k mt, Jet Fuel: +58k mt to 1,023k mt, Naphtha: +2k mt to 556k mt
  • A smoldering blaze was reported at Shell’s 400k b/d Pernis refinery Oct. 10, according to the Rotterdam-Rijnmond emergency services, cited by Bloomberg.
  • Pakistan’s Pak Arab Refinery Shut for maintenance from Oct. 10, according to Bloomberg.
  • Singapore’s Total Fuel Inventories Rose by 3m bbl
  • Total fuel stockpiles in Singapore were up 3.01m bbl to 42.8m bbl on the week to Oct. 2, official data showed.
  • Private refiners in China are facing narrower discounts on Iranian oil because of the recent heightened tensions with Israel.
  • Asian refiners generally expect oil prices to continue their downtrend for the remainder of 2024, but geopolitical tensions could slow the pace of the decline, helping refiners to manage their hedging positions, Platts said.
  • Global passenger jet fuel demand in the week to Oct. 14 is set to remain stable, with a slight on-week dip of 0.1%, according to BNEF.

 

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US gasoline cracks spread have seen support from a larger than expected stocks draw and a surge in implied demand.

  • US gasoline crack up 0.9$/bbl at 14.3$/bbl
  • US ULSD crack down 0.1$/bbl at 22.43$/bbl
  • Hurricane Milton which made landfall on Florida's west coast, resulted in significant gasoline panic buying in PADD 1 with a quarter of stations in Florida with no gasoline.
  • ARA stocks according to Insights Global: Gasoil: -118 mt to 2,310k mt, Gasoline: +122k mt to 1,092k mt, Fuel Oil: -137k at 1,235k mt, Jet Fuel: +58k mt to 1,023k mt, Naphtha: +2k mt to 556k mt
  • A smoldering blaze was reported at Shell’s 400k b/d Pernis refinery Oct. 10, according to the Rotterdam-Rijnmond emergency services, cited by Bloomberg.
  • Pakistan’s Pak Arab Refinery Shut for maintenance from Oct. 10, according to Bloomberg.
  • Singapore’s Total Fuel Inventories Rose by 3m bbl
  • Total fuel stockpiles in Singapore were up 3.01m bbl to 42.8m bbl on the week to Oct. 2, official data showed.
  • Private refiners in China are facing narrower discounts on Iranian oil because of the recent heightened tensions with Israel.
  • Asian refiners generally expect oil prices to continue their downtrend for the remainder of 2024, but geopolitical tensions could slow the pace of the decline, helping refiners to manage their hedging positions, Platts said.
  • Global passenger jet fuel demand in the week to Oct. 14 is set to remain stable, with a slight on-week dip of 0.1%, according to BNEF.