Oil Products Summary at European Close: Cracks Flat on Week

Diesel and gasoline crack spreads are ending the week largely flat amid steeper losses today. Diesel cracks are up around 0.4% on the week, while gasoline cracks are rangebound

• US gasoline crack down 0.8$/bbl at 24.5$/bbl
• US ULSD crack down 0.2$/bbl at 23.23$/bbl
• Global oil product inventories including gasoline saw an unusual increase in May adding a further bearish signal for the wider oil complex, according to FGE.
• The continued ramp up of oil processing capacities in the Middle East could be bearish for global refining margins, while limited its upside for crude, BNEF said.
• There are no fuel shortages on the Russian domestic fuel market and prices have fallen according to Deputy Prime Minister Alexander Novak said on Friday.
• PBF Energy’s 157kbpd Martinez refinery northeast of San Francisco, California restarted a unit on June 6 after a process trip during start-up, according to a filing with California Governor’s Office of Emergency Services.
• The 220kbpd Bilbao oil refinery in northern Spain is set to restart the V3 vacuum distillation unit on June 10, according to an online statement from operator Petronor.
• INEOS is commencing the start-up of one of its plants at Grangemouth the firm said via X.
• China’s oil product imports dropped 21.5% m/m in May to 4.45mn mt according to customs data.
• The average weekly capacity utilization rate of Shandong independent refineries was 52.41%, down 7.76 percentage points from the beginning of the year and 9.44 percentage points y/y.
• Fuel consumption in India edged higher m/m in May, according to PPAC data cited by Reuters.