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Oil Products Summary at European Close: Cracks Fall

OIL PRODUCTS

Both gasoline and diesel cracks are weaker on the day amid EIA data showing further signs of a halt to the demand recovery trend seen in May. Gasoline cracks have fallen to their lowest level since February.

  • US gasoline crack down 1.1$/bbl at 22.7$/bbl
  • US ULSD crack down 0.2$/bbl at 23.89$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Jun 07: Gasoline stocks +2,566 vs Exp +868, Implied mogas demand +94, Distillate stocks +881 vs Exp +1,561, Implied dist demand +282
  • US refiners and West Coast traders are flagging crude quality concerns on the recent Trans Mountain expansion – warning high vapor pressure and acidity limits could deter purchases of Canadian heavy crude according to Reuters.
  • Arrivals of feedstocks to Teapots via ports in Shandong province totalled 48m mt in Jan-May, down 13% year on year, according to OilChem.
  • The UAE’s Abu Dhabi National Oil Co. is buying more oil from neighbouring countries of Iraq and Saudi Arabia as the Ruwais refinery upgrade allows for the processing of a wider range of oil blends.
  • Stockpiles of oil products at the UAE’s Port of Fujairah fell for the first time in three weeks as of June 10, according to Fujairah Oil Industry Zone data, cited by Platts.
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