January 03, 2025 16:27 GMT
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.
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