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OIL PRODUCTS: Oil Products Summary at European Close: Gasoline Supported

OIL PRODUCTS
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Gasoline cracks are seeing some support with demand holding near normal and stocks building below expectations, according to today’s EIA data.

  • US gasoline crack up 0.6$/bbl at 13.15$/bbl
  • US ULSD crack up 0$/bbl at 18.96$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 13: Gasoline stocks +69 vs Exp +1,140, Implied mogas demand +298, Distillate stocks +125 vs Exp +994, Implied dist demand +240.
  • EIA data showed US jet fuel stocks fell by 542k bbl last week, easing back from last week’s 14-year high.
  • Shell’s Pernis refinery in Rotterdam has announced it will start maintenance on seven of more than sixty plants on the site from the last week of September.
  • Motor Oil’s Theodoroi refinery is running at reduced capacity after Tuesday’s fire the company said via a public release.
  • Petronor’s Bilboa refinery reported the start-up of its G3 Diesel Desulfurization Unit (Plant 1) on Tuesday.
  • Russia's primary oil refining capacity is expected to rise in the second half of September as refineries wind up maintenance.
  • The 160,000 bpd PBF Torrance refinery in California reported an equipment breakdown in a filing on Tuesday.
  • Port of Fujairah total oil product inventories fell to 18.267 million barrels as of Sept. 16 -marking the seventh weekly drop in the past nine according to official data.
  • China’s gasoline exports slipped to 770,000 metric tons in August - the lowest since April according to General Administration of Customs data.

MNI COMMODITY WEEKLY: U.S. Refining Pressed by Weak Margins as New Suppliers Compete in 2024: Full piece here: 

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Gasoline cracks are seeing some support with demand holding near normal and stocks building below expectations, according to today’s EIA data.

  • US gasoline crack up 0.6$/bbl at 13.15$/bbl
  • US ULSD crack up 0$/bbl at 18.96$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 13: Gasoline stocks +69 vs Exp +1,140, Implied mogas demand +298, Distillate stocks +125 vs Exp +994, Implied dist demand +240.
  • EIA data showed US jet fuel stocks fell by 542k bbl last week, easing back from last week’s 14-year high.
  • Shell’s Pernis refinery in Rotterdam has announced it will start maintenance on seven of more than sixty plants on the site from the last week of September.
  • Motor Oil’s Theodoroi refinery is running at reduced capacity after Tuesday’s fire the company said via a public release.
  • Petronor’s Bilboa refinery reported the start-up of its G3 Diesel Desulfurization Unit (Plant 1) on Tuesday.
  • Russia's primary oil refining capacity is expected to rise in the second half of September as refineries wind up maintenance.
  • The 160,000 bpd PBF Torrance refinery in California reported an equipment breakdown in a filing on Tuesday.
  • Port of Fujairah total oil product inventories fell to 18.267 million barrels as of Sept. 16 -marking the seventh weekly drop in the past nine according to official data.
  • China’s gasoline exports slipped to 770,000 metric tons in August - the lowest since April according to General Administration of Customs data.

MNI COMMODITY WEEKLY: U.S. Refining Pressed by Weak Margins as New Suppliers Compete in 2024: Full piece here: