Oil Products Summary at European Close: Cracks Mixed

Diesel cracks are trading lower today, while gasoline cracks are gaining ground. The market is looking for signs of gasoline demand in the northern hemisphere while travel demand is at a seasonal high. Record TSA passenger check numbers this week in the U.S. highlighted further air travel demand.

• US ULSD crack down 0.7$/bbl at 25.14$/bbl
• US gasoline crack up 0.7$/bbl at 24.89$/bbl
• US 321 crack up 0.2$/bbl at 24.97$/bbl
• ULSD AUG 24 down 1.3% at 2.54$/gal
• RBOB AUG 24 up 0.1% at 2.54$/gal
• Germany’s Schwedt refinery is running at over 80% capacity despite future ownership uncertainty according to German state secretary Michael Kellner.
• Marathon began preparing to restart multiple units on Monday at its 631,000 bpd Galveston Bay refinery in Texas after a morning power outage due to Hurricane Beryl.
• Operations at Phillips 66 265,000 bpd Sweeney refinery in Texas were operating normally following an upset caused by Hurricane Beryl on Monday the company said via a filing.
• Shell will begin redeploying personnel to its Perdido and Whale oil platforms in the Gulf of Mexico on July 9 having preventatively shut them down ahead of hurricane Beryl’s arrival the company said via a statement.
• An influx of diesel/gasoil from the US has put some pressure on the European distillates complex, with record volumes headed for Europe in the final week of June, Platts said.
• Mexico will produce 100% of its gasoline it needs by the end of 2024, according to outgoing President AMLO.