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Oil Products Summary at European Close: Cracks Find Support

OIL PRODUCTS

Diesel cracks are stronger today, supported by a recent recovery in margins and a wider rise in the oil complex today. Tighter diesel supplies are supportive with Middle East flows headed to Asia instead of Europe.

  • US gasoline crack up 0.4$/bbl at 22.62$/bbl
  • US ULSD crack up 0.2$/bbl at 24.08$/bbl
  • The Al Zour, Dangote and Duqm refineries are now exporting ~650,000 bpd of clean petroleum products onto international markets according to June projections by Vortexa.
  • US retail gasoline prices rose to $3.310/gal in the week to June 14, up 0.4%, according to the EIA cited by Bloomberg.
  • OPIS modelled U.S. gasoline demand last week at around 9mn bpd according to its survey of volumes actually pumped.
  • Citgo reports starting up units after planned work at its 165,000 bpd Corpus Christi West Texas plant via community alert.
  • Several oil product tanks at a storage facility in Russia’s southern Rostov region caught fire after another drone attack, according to regional governor Vasily Golubev overnight.
  • China's exports of diesel and kerosene surged in May compared to last year, according to General Administration of Customs data.
  • Weekly CDU capacity utilisation rates across Chinese refineries fell to a year-to-date low in the week to June 13, amid heavy maintenance and poor refining profit margins, OilChem said.
  • Global airline passenger capacity is set to rise to 119.28m seats in the seven days commencing from June 17, OAG said.

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