Oil Products End of Day Summary: Cracks Rebound

Diesel and gasoline cracks have gained ground during the day, with continued strength during US hours, following the gains in crude futures following a positive demand outlook from today’s OPEC MOMR. The US gasoline crack is continuing its gradual rebound, up 108% on the month.

• US ULSD crack up 2.9$/bbl at 40.97$/bbl
• Gasoil DEC 23 up 3.2% at 816.75$/mt
• US gasoline crack up 1$/bbl at 15.54$/bbl
• RBOB DEC 23 up 2.1% at 2.23$/gal
• AAA forecasts 55.4mn people will be travelling, including more than 49mn Americans driving, during 22-26 November for the Thanksgiving holiday, cited by CNN.
• US imports of European gasoline fell in the week to Nov. 9, according to Bloomberg. The US imported around 173k b/d of European gasoline, down from 253k b/d the previous week.
• Atlantic Basin clean product imports slipped outwith the 7-year range in October according to Vortexa driven by European flows dropping.
• Diesel cracks have been facing continued downward pressure since Russia’s ban on diesel exports was lifted, according to a report by Oilytics.
• Russian refinery runs recovered to 5.46mn bpd in the week to November 8 according to a Bloomberg source, 150kbd higher than the October average.
• Exxon’s 252kbd Joliet refinery in Illinois has reported valve malfunction according to a filing.
• Kuwait’s 615kbd Al Zour refinery is restarting slowly after shutting down completely when the fuel gas feed from Kuwait Oil was cut off according to an announcement by the company on X Sunday.
• ARA gasoil inventories are now nearing their lowest level since 2018, despite weak demand, according to BNEF.
• German traders and end users boosted their buying of gasoil and diesel in the past week amid weakening ICE gasoil futures prices and limited domestic supply, ArgusMedia said.
• Asia-Pacific air travel is struggling to recover fully to pre-pandemic levels because of rising fuel prices and high inflation according to industry body IATA which places the region's air travel recovery at 69% of 2019 levels for the year through September.
• Global Airline Passenger capacity is largely stable in the week commencing Nov. 13, with just a 0.1% reduction in seats, according to OAG.