Free Trial

Oil Products Summary at European Close: Cracks Fall Back

OIL PRODUCTS

Diesel cracks have fallen to their lowest level since Dec. 27, although are set for gains of 3.0% on the week. 

  • US ULSD crack down 1.2$/bbl at 24.65$/bbl
  • ULSD FEB 25 down 0.4% at 2.34$/gal
  • US gasoline crack down 0.5$/bbl at 12.6$/bbl
  • RBOB FEB 25 up 0.3% at 2.06$/gal
  • US 321 crack down 0.7$/bbl at 16.62$/bbl
  • The tempering of cold weather forecasts on the East Coast is helping to push down diesel prices today after ULSD hit a near 3-month high yesterday.
  • The heating oil market had previously been pricing in a warmer winter, so changing forecasts could influence prices.
  • USGC diesel exports rose to 242m bbl, or 661k b/d in 2024, up by 9.5% from 2023, Argus said.
  • China 2025 January gasoil supply & demand outlooks according to OilChem.
  • China exported 1.07m mt of refined oil in December, around half of the levels over the previous month according to shipping fixtures, OilChem said.
  • China’s road traffic congestion in China’s 15 key cities fell 18.2 percentage points in the seven days to Jan. 1, BNEF said.
  • Singapore's jet fuel imports hit multi-year highs in December according to LSEG, Kpler and Reuters sources.
  • European jet fuel prices weakened in 2024 and are expected to remain low in 2025, Argus said.
197 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Diesel cracks have fallen to their lowest level since Dec. 27, although are set for gains of 3.0% on the week. 

  • US ULSD crack down 1.2$/bbl at 24.65$/bbl
  • ULSD FEB 25 down 0.4% at 2.34$/gal
  • US gasoline crack down 0.5$/bbl at 12.6$/bbl
  • RBOB FEB 25 up 0.3% at 2.06$/gal
  • US 321 crack down 0.7$/bbl at 16.62$/bbl
  • The tempering of cold weather forecasts on the East Coast is helping to push down diesel prices today after ULSD hit a near 3-month high yesterday.
  • The heating oil market had previously been pricing in a warmer winter, so changing forecasts could influence prices.
  • USGC diesel exports rose to 242m bbl, or 661k b/d in 2024, up by 9.5% from 2023, Argus said.
  • China 2025 January gasoil supply & demand outlooks according to OilChem.
  • China exported 1.07m mt of refined oil in December, around half of the levels over the previous month according to shipping fixtures, OilChem said.
  • China’s road traffic congestion in China’s 15 key cities fell 18.2 percentage points in the seven days to Jan. 1, BNEF said.
  • Singapore's jet fuel imports hit multi-year highs in December according to LSEG, Kpler and Reuters sources.
  • European jet fuel prices weakened in 2024 and are expected to remain low in 2025, Argus said.