Oil Products Summary at European Close: Cracks Edge Back

US gasoline cracks have edged back on the day, erasing earlier gains, tracking a corresponding retreat in the underlying crude market.

• US gasoline crack down 0.2$/bbl at 29.48$/bbl
• US ULSD crack down 0.9$/bbl at 27.99$/bbl
• Russian officials claim to have the competencies to carry out repairs on its oil refineries damaged by Ukrainian drone attacks.
• Exxon Mobil’s 523kbpd Baton Rouge, Louisiana, refinery is undergoing maintenance at one of the four crude units and the respective VDU until the end of next week, sources told Bloomberg.
• US retail gasoline demand declined by 2.12% on the week to 8.740mbpd in the week to 6 April (Sun-Sat) according to GasBuddy.
• Forteinvest’s Orsk oil refinery halted operations on Friday due to flooding in the region, the operator said via Telegram.
• The arrival of feedstocks into independent refineries in Shandong province was 10.39m mt in March, up 3.87% on the month, according to OilChem.
• CDU utilisation rates at state-owned refineries are projected to continue falling in the week to April 11, according to OilChem.
• State-owned refiners in China will reduce processing volumes to 41.38m mt in April, according to OilChem, cited by Bloomberg.
• Russia has asked Kazakhstan to stand ready to provide 100k mt of gasoline in the event of shortage excacerbated by Ukrainian attacks on Russia’s refineries.
• Russian diesel-type fuel exports averaged 0.9mbpd in the ten days to 3 April, compared with the five-year average of 1.01mbpd for this time of the year, Kpler data showed.
• Russia’s 116kbpd Orsk oil refinery continues to ship fuel despite a halt in operations since Friday due to flooding in the regions.
• Global implied jet fuel demand is set to decline by 1% in the week to April 15 to 6.45m b/d, according to BNEF.