Oil Products Summary at European Close: Cracks Rise

Gasoline cracks reversed earlier losses and have tracked the rise in crude later in the day to be trading positive on yesterday. Falling US end-user prices and a weak demand outlook continue to limit upside.

• US gasoline crack up 0.2$/bbl at 15.79$/bbl
• US ULSD crack up 1.3$/bbl at 41.93$/bbl
• China’s Sinopec asked the government for an additional 800,000 tons of export quota for clean refined products as a surplus of oil products in the domestic market has boosted stockpiles at Chinese refineries, people with knowledge of the matter told Bloomberg.
• China’s planned exports of refined products are scheduled at 2.62m mt in December, a drop of 4% on November levels, according to OilChem.
• Chevron’s Richmond refinery has stopped flaring activity caused by an earlier loss of power to a portion of the facility according to Chevron.
• Exxon Antwerp has restarted its crude unit halted by a power outage last week according to Bloomberg reports.
• A new unit at TotalEnergies' 219kbpd Donges refinery on the west coast of France will start operating in the spring, TotalEnergies said, cited by Bloomberg.
• US average retail gasoline prices dropped to $3.088/gal in the week to Nov. 24, down 1.8% on the week, according to Bloomberg.
• European diesel imports are on track to decline by 14% year on year in 2023, following the introduction of sanction on Russian oil products imports, Vortexa data showed.