February 13, 2025 16:27 GMT
OIL PRODUCTS: Oil Products Summary At European Close: Cracks Diverge On Day
OIL PRODUCTS
US diesel cracks have continued to lose ground today, with EIA data showing an unexpected build in distillates and a large drop in implied demand. Gasoline cracks are rising following an unexpected decline in stocks in yesterday’s data.
- US ULSD crack down 0.7$/bbl at 30.76$/bbl
- US gasoline crack up 0.8$/bbl at 16.85$/bbl
- US 321 crack up 0.3$/bbl at 21.47$/bbl
- The PBF Energy 156k b/d Martinez refinery near San Francisco may need 45 days or more to assess the damage from a fire on Feb. 1, according to Bloomberg sources.
- Singapore's onshore fuel oil stockpiles rose for the second week, hitting a three-week high above 20 million barrels according to Enterprise data.
- China’s refined oil exports stood at 2.46m mt in January, down 17.45% on the same period in 2024, according to OilChem citing shipping fixtures.
- Asia’s HSFO cracks have shown further signs of easing today, falling to near parity with both Brent and Dubai crude, Reuters said.
- Port of Fujairah oil product stocks climbed 10% in the week ended Feb 10 according to FOIZ data.
- Bloomberg reports 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, according to a report from IIR Energy published Wednesday.
- China’s road traffic congestion in China’s 15 key cities rose 56.1 percentage points in the seven days Feb. 12, BNEF said.
- 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.
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