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Oil Products Summary at European Close: Cracks Plunge

OIL PRODUCTS

Gasoline cracks are falling following large and unexpected build in US inventories. Four-week gasoline implied demand dropped during the holiday period with the EIA data reflecting expectations from OPIS and GasBuddy. The build in diesel stocks helped it erase its earlier gains

  • US gasoline crack down -0.8$/bbl at 16.68$/bbl
  • US ULSD crack down -0.1$/bbl at 36.31$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 29: Gasoline stocks +10,900 vs Exp -194, Implied mogas demand -1,214, Distillate stocks +10,090 vs Exp -112, Implied dist demand -1,319
  • ARA oil product stockpiles according to Insights global: Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 890, -29, Naphtha: 246, -22, Gasoil: 1,787, -38, Fuel Oil: 1,396, +110, Jet Fuel: 748, +51
  • Kuwait’s Al Zour refinery issued a spot VLSFO tender Thursday – the first in three months according to Reuters sources.
  • Diesel shipments from Russia’s Baltic Port of Primorsk rose in December to 460k b/d, according to Bloomberg.
  • IOC has cut its jet fuel prices for January by around 4% to around $1,145/kl, according to Argus.
  • China’s Shandong-based Yulong Refinery is expected to start stable and on-spec production in 1H 2025 according to FGE.
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