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Oil Products Summary at European Close: Cracks Rise

OIL PRODUCTS

US gasoline and diesel cracks have ticked up on the day. Diesel cracks remain weak and are rising from their lowest level since mid-July. Weekly (Sun-Sat) US gasoline demand fell 0.2% but was 1.1% above the average of the last four weeks at 8.518m b/d according to GasBuddy.

  • US ULSD crack up 0.5$/bbl at 36.03$/bbl
  • Gasoil JAN 24 down -1% at 781.25$/mt
  • US gasoline crack up 1.7$/bbl at 17.36$/bbl
  • RBOB JAN 24 up 1.2% at 2.18$/gal
  • China has raised its 2024 fuel oil import quota to 20mn tons for non-state refiners, up from 19.2mn tons for 2023 according to the Ministry of Commerce.
  • Exports of gasoline, gasoil, and kerosene from China in November rose by 7% on the month to 3.64m mt, according to OilChem, citing GACC data.
  • New production of naphtha from recently opened Middle East refineries will add further downside to refining margins in 2024, according to Argus.

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