MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

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Oil Products Summary at European Close: Cracks Move to Losses

OIL PRODUCTS
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Gasoline cracks have reversed earlier gains, tracking the fall in crude. Poorer US economic signals, coupled with weaker demand in recent EIA data are likely to add downside.

  • US gasoline crack down 0.1$/bbl at 30.78$/bbl
  • US ULSD crack down 0.7$/bbl at 24.19$/bbl
  • Physical diesel cracks in northwest Europe are set to weaken over coming weeks then stay flat through the summer, according to Mark Williams at Wood Mackenzie.
  • ARA oil product stockpiles according to Insights Global:
  • Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,056, +74, Naphtha: 547, -24, Gasoil: 2,176, +52, Fuel Oil: 1,607, +91, Jet Fuel: 848, -7
  • There is a fire in Omsk, Russia involving three oil tanks near the largest refinery in the region according to numerous reports.
  • Gazprom Neft believes that there is currently no need to lift the ban on gasoline exports, its CEO Alexander Dyukov said, cited by TASS.
  • Hungary’s MOL is concerned for the impact of state intervention in fuel markets on the company plans, according to CEO Zsolt Hernadi via Reuters.
  • The turnaround at Repsol’s Puertollano Refinery is due to end next week, according to CEO Josu Jon Imaz.
  • US refiner Valero still expects fuel demand in Mexico to grow, despite its aims for fuel self-sufficiency.
  • US oil sanctions on Venezuela are likely to halt the flow of naphtha from the former to the latter: Kpler.
  • The Yulong refinery in China will face bottlenecks as it aims for production according to FGE.
  • Singapore's onshore fuel oil stockpiles dropped to 20-week lows after net imports declined according to Enterprise Singapore data on Thursday.
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Gasoline cracks have reversed earlier gains, tracking the fall in crude. Poorer US economic signals, coupled with weaker demand in recent EIA data are likely to add downside.

  • US gasoline crack down 0.1$/bbl at 30.78$/bbl
  • US ULSD crack down 0.7$/bbl at 24.19$/bbl
  • Physical diesel cracks in northwest Europe are set to weaken over coming weeks then stay flat through the summer, according to Mark Williams at Wood Mackenzie.
  • ARA oil product stockpiles according to Insights Global:
  • Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,056, +74, Naphtha: 547, -24, Gasoil: 2,176, +52, Fuel Oil: 1,607, +91, Jet Fuel: 848, -7
  • There is a fire in Omsk, Russia involving three oil tanks near the largest refinery in the region according to numerous reports.
  • Gazprom Neft believes that there is currently no need to lift the ban on gasoline exports, its CEO Alexander Dyukov said, cited by TASS.
  • Hungary’s MOL is concerned for the impact of state intervention in fuel markets on the company plans, according to CEO Zsolt Hernadi via Reuters.
  • The turnaround at Repsol’s Puertollano Refinery is due to end next week, according to CEO Josu Jon Imaz.
  • US refiner Valero still expects fuel demand in Mexico to grow, despite its aims for fuel self-sufficiency.
  • US oil sanctions on Venezuela are likely to halt the flow of naphtha from the former to the latter: Kpler.
  • The Yulong refinery in China will face bottlenecks as it aims for production according to FGE.
  • Singapore's onshore fuel oil stockpiles dropped to 20-week lows after net imports declined according to Enterprise Singapore data on Thursday.