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

OIL PRODUCTS
BulletEnergy BulletsCommodities

Gasoline crack spreads have fallen today back with the expiry of the WTI Dec24 contract. A dip in US implied demand and an unexpected US stock build yesterday should limit downside.

  • EU Gasoline-Brent down 0.6$/bbl at 7.65$/bbl
  • EU Gasoil-Brent up 0.3$/bbl at 17.93$/bbl
  • ARA stocks (Insights Global data): Gasoil: -46 mt to 2,373k mt, Gasoline: +86k mt to 1,250k mt, Fuel Oil: -52k at 1,215k mt, Jet Fuel: +56k mt to 970k mt, Naphtha: -37k mt to 548k mt
  • Diesel imports into Europe from external suppliers are on track to drop in November to a four-month low, Bloomberg said.
  • Russian refineries will likely maintain or reduce their crude throughputs in the coming weeks, Platts said.
  • China has likely allocated at least 3.84m mt (28mbbls) of new crude import quotas for use in 2024 to 11 Shandong independent refineries, according to S& P Global citing quota holders.
  • Chinese independent refineries' crude arrivals in Shandong are likely to rise over the remainder of 2024 according to OilChem.
  • China’s oil product demand, including gasoline, diesel and jet fuel, is set to decline 2% this year to 390m tons as new EVs and LNG trucks displace 50m tons, CNPC said cited by Bloomberg.
  • Chinese Shandong refiners have increasingly targeted West African crude in November as discounts on Iranian barrels and Russian Far East ESPO barrels have tightened according to Vortexa.
  • A recent decision relating to export taxes in China cut curb exports of oil products and trigger lower crude throughput, Citi said in a note cited by Bloomberg.
  • Singapore fuel oil stocks slipped 7.4% to 16.98m bbl (about 2.67m mt) in the week ended Nov. 20 according to Enterprise data.
  • Patchy demand for Fujairah LSFO premiums around Fujairah has progressively pressured downstream, Platts said.
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Gasoline crack spreads have fallen today back with the expiry of the WTI Dec24 contract. A dip in US implied demand and an unexpected US stock build yesterday should limit downside.

  • EU Gasoline-Brent down 0.6$/bbl at 7.65$/bbl
  • EU Gasoil-Brent up 0.3$/bbl at 17.93$/bbl
  • ARA stocks (Insights Global data): Gasoil: -46 mt to 2,373k mt, Gasoline: +86k mt to 1,250k mt, Fuel Oil: -52k at 1,215k mt, Jet Fuel: +56k mt to 970k mt, Naphtha: -37k mt to 548k mt
  • Diesel imports into Europe from external suppliers are on track to drop in November to a four-month low, Bloomberg said.
  • Russian refineries will likely maintain or reduce their crude throughputs in the coming weeks, Platts said.
  • China has likely allocated at least 3.84m mt (28mbbls) of new crude import quotas for use in 2024 to 11 Shandong independent refineries, according to S& P Global citing quota holders.
  • Chinese independent refineries' crude arrivals in Shandong are likely to rise over the remainder of 2024 according to OilChem.
  • China’s oil product demand, including gasoline, diesel and jet fuel, is set to decline 2% this year to 390m tons as new EVs and LNG trucks displace 50m tons, CNPC said cited by Bloomberg.
  • Chinese Shandong refiners have increasingly targeted West African crude in November as discounts on Iranian barrels and Russian Far East ESPO barrels have tightened according to Vortexa.
  • A recent decision relating to export taxes in China cut curb exports of oil products and trigger lower crude throughput, Citi said in a note cited by Bloomberg.
  • Singapore fuel oil stocks slipped 7.4% to 16.98m bbl (about 2.67m mt) in the week ended Nov. 20 according to Enterprise data.
  • Patchy demand for Fujairah LSFO premiums around Fujairah has progressively pressured downstream, Platts said.