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Oil Products Summary at European Close: Cracks Climb

OIL PRODUCTS
StoryEnergy BulletsCommodities

US gasoline and diesel cracks are climbing today, supported by the fall in underlying crude oil.

  • US gasoline crack up 0.1$/bbl at 12.43$/bbl
  • US ULSD crack up 0.1$/bbl at 24.64$/bbl
  • Around 400k b/d of European refinery capacity  is expected to close permanently in 2025, although a boost for the margins is likely to be short-term, Argus said.
  • Hungary’s Mol is one of the bidders for the Bulgarian Nefotohim refinery of Russia’s Lukoil, Hungarian Prime Minister Viktor Orban said at the weekend.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to rise in the week to Dec. 26, according to OilChem,
  • Some oil projects/units to start functioning soon in China according to OilChem. Zhenhai Petrochem's Phase II project has started commissioning -CDU capacity: 11 million tonnes/year. It will officially come on stream in January 2025.
  • Daxie Petrochem's new CDU capacity of 6 million tonnes/year is projected to be put into operation in Q1 2025.
  • The Asian HSFO market in 2025 is likely to face tailwinds in 2025, amid increased scrubber-installed ships, Platts said.
  • The Asian LSFO market is expected to face oversupply in 2025 due to increased regional supplies and imports from Europe, the Middle East, and WAF, Platts said.
  • KSA was the top destination for Russian sea-borne fuel oil and VGO exports in November, according to Reuters.
  • The Asian naphtha market is expected to remain under pressure in 2025 due to poor downstream margins and new capacities in China, Platts said.
  • Total air passenger transport turnover in China in November was up 20.5% year on year at, according to CAAC data.
  • Cathay Pacific's passenger traffic was largely stable in November at 2.01m passengers, down 0.18% on the month, Platts said.
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US gasoline and diesel cracks are climbing today, supported by the fall in underlying crude oil.

  • US gasoline crack up 0.1$/bbl at 12.43$/bbl
  • US ULSD crack up 0.1$/bbl at 24.64$/bbl
  • Around 400k b/d of European refinery capacity  is expected to close permanently in 2025, although a boost for the margins is likely to be short-term, Argus said.
  • Hungary’s Mol is one of the bidders for the Bulgarian Nefotohim refinery of Russia’s Lukoil, Hungarian Prime Minister Viktor Orban said at the weekend.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to rise in the week to Dec. 26, according to OilChem,
  • Some oil projects/units to start functioning soon in China according to OilChem. Zhenhai Petrochem's Phase II project has started commissioning -CDU capacity: 11 million tonnes/year. It will officially come on stream in January 2025.
  • Daxie Petrochem's new CDU capacity of 6 million tonnes/year is projected to be put into operation in Q1 2025.
  • The Asian HSFO market in 2025 is likely to face tailwinds in 2025, amid increased scrubber-installed ships, Platts said.
  • The Asian LSFO market is expected to face oversupply in 2025 due to increased regional supplies and imports from Europe, the Middle East, and WAF, Platts said.
  • KSA was the top destination for Russian sea-borne fuel oil and VGO exports in November, according to Reuters.
  • The Asian naphtha market is expected to remain under pressure in 2025 due to poor downstream margins and new capacities in China, Platts said.
  • Total air passenger transport turnover in China in November was up 20.5% year on year at, according to CAAC data.
  • Cathay Pacific's passenger traffic was largely stable in November at 2.01m passengers, down 0.18% on the month, Platts said.