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Oil Products Summary at European Close: Cracks Edge Down

OIL PRODUCTS

Diesel and gasoline cracks spreads are edging lower on the day with slightly larger than expected US inventory builds.

  • RBOB JAN 24 up 0.5% at 2.21$/gal
  • US gasoline crack down -0.5$/bbl at 18$/bbl
  • Gasoil JAN 24 up 0.6% at 797.5$/mt
  • US ULSD crack down -2.3$/bbl at 38.47$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 15: Gasoline stocks +2,710 vs Exp +877, Implied mogas demand -105, Distillate stocks +1,485 vs Exp +397, Implied dist demand +53
  • USGC refiners have cut gasoline export prices to their lowest since Feb. 2021 amid shipping restrictions at the Panama Canal, according to Reuters.
  • Nigeria’s 650kbpd Dangote oil refinery has received an 1mn barrels crude oil shipments from Shell, its second crude oil shipment this month, a company spokesperson said, cited by Reuters.
  • Chinese fuel oil imports in November fell by 33% on the month to 1.21mn tons, General Administration of Customs data showed.

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