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

OIL PRODUCTS
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Diesel markets are showing signs of normalizing with some refineries emerging from maintenance after supplies tightened amid sanctions on Russia and low arrivals into NWE. Gasoline cracks are mostly steady as the market assesses upcoming US tariffs on Canada, Mexico and China.  

  • US ULSD crack down 1$/bbl at 26.64$/bbl
  • US gasoline crack up 0$/bbl at 23.76$/bbl
  • US 321 crack down 0.3$/bbl at 24.77$/bbl
  • US diesel demand is higher than in 2024 and 2023 and inventories are lower however retail pump prices are cheaper suggesting a more balanced market, Bloomberg said.
  • US independent refiners face headwinds from upcoming tariffs, which are expected to see feedstock costs rise, potentially resulting in reduced runs, Argus reports.
  • Fire reported at Ufa oil refinery in Bashkortostan before being extinguished early on Monday, Reuters reports.
  • Japan’s ENEOS shut the crude distillation unit at its 128kb/d Marifu refinery after a small fire on Feb. 26, according to Bloomberg.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to hold steady in the week to March 6, according to OilChem, with no new overhauls or resumptions.
  • Global airline passenger capacity is set to decline by 0.71m seats in the seven days commencing from Mar. 03, OAG said.
  • Russia’s ultra low-sulphur diesel from Primorsk are set to reach 1.8mn metric tons in March traders told Reuters.
  • Russian oil product exports from the Black Sea port of Tuapse are set at 798,000 metric tons in March compared to 799,000 tons scheduled for February which is a shorter month sources told Reuters  on Monday.
  • China’s oil product demand is estimated to fall 2% in 2025 to 382m tons, according to CNPC’s Economics & Technology Research Institute cited by Bloomberg.
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Diesel markets are showing signs of normalizing with some refineries emerging from maintenance after supplies tightened amid sanctions on Russia and low arrivals into NWE. Gasoline cracks are mostly steady as the market assesses upcoming US tariffs on Canada, Mexico and China.  

  • US ULSD crack down 1$/bbl at 26.64$/bbl
  • US gasoline crack up 0$/bbl at 23.76$/bbl
  • US 321 crack down 0.3$/bbl at 24.77$/bbl
  • US diesel demand is higher than in 2024 and 2023 and inventories are lower however retail pump prices are cheaper suggesting a more balanced market, Bloomberg said.
  • US independent refiners face headwinds from upcoming tariffs, which are expected to see feedstock costs rise, potentially resulting in reduced runs, Argus reports.
  • Fire reported at Ufa oil refinery in Bashkortostan before being extinguished early on Monday, Reuters reports.
  • Japan’s ENEOS shut the crude distillation unit at its 128kb/d Marifu refinery after a small fire on Feb. 26, according to Bloomberg.
  • CDU capacity utilisation rates at China’s state-owned refineries are expected to hold steady in the week to March 6, according to OilChem, with no new overhauls or resumptions.
  • Global airline passenger capacity is set to decline by 0.71m seats in the seven days commencing from Mar. 03, OAG said.
  • Russia’s ultra low-sulphur diesel from Primorsk are set to reach 1.8mn metric tons in March traders told Reuters.
  • Russian oil product exports from the Black Sea port of Tuapse are set at 798,000 metric tons in March compared to 799,000 tons scheduled for February which is a shorter month sources told Reuters  on Monday.
  • China’s oil product demand is estimated to fall 2% in 2025 to 382m tons, according to CNPC’s Economics & Technology Research Institute cited by Bloomberg.