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

Gasoline cracks have rallied to the highest level since early August, driven by a stock draw and increase in implied demand. 

• US gasoline crack down 0$/bbl at 13.46$/bbl
• US ULSD crack up 0.6$/bbl at 23.68$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Oct 25: Gasoline stocks -2,707 vs Exp +545, Implied mogas demand +321, Distillate stocks -977 vs Exp -988, Implied dist demand -250.
• Gasoline stocks unexpectedly fell due to a drop in production and an increase in weekly implied demand to offset a dip in exports.
• Phillips 66 said it expects company-wide refining crude utilization to be in the low-to-mid 90% area in Q4. In Q4 2023, the company's refining utilization was 92%.
• Pemex operates its seven refineries in Mexico at a four-month low in September as its new Dos Bocas facility processed zero crude, according to company data cited by Bloomberg.
• Oil product inventories in the Port of Fujairah rose 1.5% w/w to 17.057m bbl for the week ended October 28.
• Singapore fuel oil stocks fell 23.8% w/w to 15.35 m bbl (about 2.42 million metric tons) in the week to Oct. 29 according to Enterprise data.
• MNI COMMODITY WEEKLY: OPEC+ Back in Focus: https://enews.marketnews.com/ct/x/pjJscVSNlL4I6a4zIx11GA~k1zZ8KXr-kA8x6mTX5X2ptIPjO1OcQ