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Oil Products Summary at European Close: Cracks Continue Fall

OIL PRODUCTS

US gasoline cracks continue to drift towards the lows from Dec 13, driven down by EIA data showing a decline in weekly implied demand. The drop followed on from data from OPIS and GasBuddy suggesting weaker demand during the holiday week.

  • RBOB FEB 24 up 0.9% at 2.13$/gal
  • US gasoline crack down -1.1$/bbl at 15.36$/bbl
  • Gasoil JAN 24 up 1.8% at 767.75$/mt
  • US ULSD crack down -1.4$/bbl at 35.19$/bbl
  • Russian oil products exports rose to almost 2.7mbpd in the four weeks to 31 December, up by 152kbpd from the previous week, Vortexa data, cited by Bloomberg showed.
  • Cenovus Energy’s 160kb/d Toledo refinery in Ohio is planning a multiunit turnaround to begin in late September according to Bloomberg sources.
  • Nigeria’s NNPC will complete test runs at the Port Harcourt refinery this month and will restart with an initial capacity of 60kbpd according to NNPC.

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