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Oil Products Summary at Europe Close: US Cracks Extend Gains

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US diesel and gasoline cracks are extending gains driven by higher crude prices. Gasoline cracks are further extending gains seen in recent weeks as the Russian government plans has lifted the ban on gasoline exports from 17 November as supplies in the domestic market have improved.

    • US gasoline crack up 1$/bbl at 16.85$/bbl
    • US ULSD crack up 1.7$/bbl at 41.88$/bbl
  • Kuwait’s 615,000 bpd Al Zour refinery is expected to be fully operational in “the next couple of weeks” according to a Bloomberg source.
  • European diesel cracks are expected to rise and “re-open the East-West arbitrage window,” according to Kpler via Bloomberg late last week.
  • Chinese gasoline exports slipped to 770,000 tons in October, down from 1.09 million tons in September and compares to 1 mn tons last October according to General Administration of Customs data.
  • Chinese fuel oil imports rebounded in October to 1.81mn tons, up from 1.04mn tons in September, which marked a one-year low, customs data showed.
  • Refined oil production in China is estimated to decline 4.3m tonnes or 10.8% m-o-m in November while CDU capacity utilization rates fall 4% to 71.6% according to OilChem.
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US diesel and gasoline cracks are extending gains driven by higher crude prices. Gasoline cracks are further extending gains seen in recent weeks as the Russian government plans has lifted the ban on gasoline exports from 17 November as supplies in the domestic market have improved.

    • US gasoline crack up 1$/bbl at 16.85$/bbl
    • US ULSD crack up 1.7$/bbl at 41.88$/bbl
  • Kuwait’s 615,000 bpd Al Zour refinery is expected to be fully operational in “the next couple of weeks” according to a Bloomberg source.
  • European diesel cracks are expected to rise and “re-open the East-West arbitrage window,” according to Kpler via Bloomberg late last week.
  • Chinese gasoline exports slipped to 770,000 tons in October, down from 1.09 million tons in September and compares to 1 mn tons last October according to General Administration of Customs data.
  • Chinese fuel oil imports rebounded in October to 1.81mn tons, up from 1.04mn tons in September, which marked a one-year low, customs data showed.
  • Refined oil production in China is estimated to decline 4.3m tonnes or 10.8% m-o-m in November while CDU capacity utilization rates fall 4% to 71.6% according to OilChem.