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OIL PRODUCTS: Oil Products Summary At European Close: Cracks Diverge

OIL PRODUCTS
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US diesel cracks have gained further ground today, while gasoline cracks are easing back after firm gains yesterday amidst an unexpected decline in stocks in Wednesday’s data. 

  • US ULSD crack up 0.6$/bbl at 32.2$/bbl
  • US gasoline crack down 0.3$/bbl at 16.98$/bbl
  • PBF said in a statement on Thursday it had no estimate for how long its 156,400 bpd Martinez refinery in California would be out for following the Feb 1 fire.
  • US refiner PBF Energy plans to operate its seven refineries up to 76% of their combined production capacity of 1m b/d in Q1 2025, the company said Feb. 13, cited by Reuters.
  • Mexican oil exports fell to their lowest monthly level on record in January, averaging just 535 kbd, a decline of 400 kbd m/m according to Kpler vessel tracking.
  • Pemex partially shut its 245k b/d Salamanca refinery in Mexico due to equipment issues caused by high water and salt content in crude oil: IIR Energy.
  • 100k b/d Slavyansk refinery in Russia’s Krasnodar region reportedly targeted by drone attack overnight, the BBC reports.
  • European air traffic recorded 24,776 average daily flights in the week to Feb. 9, up around 3.6% on the week across the top ten countries, according to Eurocontrol
  • Europea’s gasoil market has tightened sharply since the start of February, as signalled by ICE gasoil time spreads, Bloomberg said.
  • Singapore’s Downstream LSFO Premiums Under Pressure: Platts
  • Downstream LSFO premiums in Singapore have decreased as sellers moderate demand expectations post-Lunar New Year, Platts said,
  • Russian government to discuss gasoline exports ban next week, sources cited by Reuters say.
  • India's gasoline consumption is expected to rise about 40kbpd to 950kbpd in 2025, but diesel demand is expected to hold steady, according to FGE.

 

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US diesel cracks have gained further ground today, while gasoline cracks are easing back after firm gains yesterday amidst an unexpected decline in stocks in Wednesday’s data. 

  • US ULSD crack up 0.6$/bbl at 32.2$/bbl
  • US gasoline crack down 0.3$/bbl at 16.98$/bbl
  • PBF said in a statement on Thursday it had no estimate for how long its 156,400 bpd Martinez refinery in California would be out for following the Feb 1 fire.
  • US refiner PBF Energy plans to operate its seven refineries up to 76% of their combined production capacity of 1m b/d in Q1 2025, the company said Feb. 13, cited by Reuters.
  • Mexican oil exports fell to their lowest monthly level on record in January, averaging just 535 kbd, a decline of 400 kbd m/m according to Kpler vessel tracking.
  • Pemex partially shut its 245k b/d Salamanca refinery in Mexico due to equipment issues caused by high water and salt content in crude oil: IIR Energy.
  • 100k b/d Slavyansk refinery in Russia’s Krasnodar region reportedly targeted by drone attack overnight, the BBC reports.
  • European air traffic recorded 24,776 average daily flights in the week to Feb. 9, up around 3.6% on the week across the top ten countries, according to Eurocontrol
  • Europea’s gasoil market has tightened sharply since the start of February, as signalled by ICE gasoil time spreads, Bloomberg said.
  • Singapore’s Downstream LSFO Premiums Under Pressure: Platts
  • Downstream LSFO premiums in Singapore have decreased as sellers moderate demand expectations post-Lunar New Year, Platts said,
  • Russian government to discuss gasoline exports ban next week, sources cited by Reuters say.
  • India's gasoline consumption is expected to rise about 40kbpd to 950kbpd in 2025, but diesel demand is expected to hold steady, according to FGE.