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Oil Products Summary at European Close: Cracks Rise

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Both gasoline and diesel cracks are ending the week trading higher boosted by US macro and EIA data showing improving demand.

  • US gasoline crack up 0.5$/bbl at 27.89$/bbl
  • US ULSD crack up 0.9$/bbl at 24.52$/bbl
  • Ukrainian drone strikes started a fire at Russia’s Tuapse refinery according to Interfax reports Friday.
  • The Ukraine drone strike on Novorossiisk on Friday struck the Importpischeprom oil products terminal and Sheskharis oil harbour according to Reuters sources.
  • A unit at ExxonMobil’s 131kbpd Fos-sur-Mer oil refinery in France temporarily malfunctioned according to a community alert on May 17.
  • China’s state refiners cut run rates in the week to May 16 to 75.57%, the lowest level since mid-December, according to OilChem.
  • CDU capacity utilisation rates at China’s domestic refineries will edge down 0.24 percentage points on the week to average 57.37% in the seven days ending May 23, OilChem said.
  • The trend for prompt European gasoline towards the North American market looks set to continue with volumes directed towards PADD 1 rising this month according to Vortexa mid-month data.
  • TotalEnergies is set to restart the units on the petchem section of its Normandy refinery according to a community alert.
  • Iraq has halted imports of diesel as term deals wound down at the end of last year amid refinery upgrades, according to Bloomberg.
MNI US Refinery Maintenance Schedule –Full PieceHere
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Both gasoline and diesel cracks are ending the week trading higher boosted by US macro and EIA data showing improving demand.

  • US gasoline crack up 0.5$/bbl at 27.89$/bbl
  • US ULSD crack up 0.9$/bbl at 24.52$/bbl
  • Ukrainian drone strikes started a fire at Russia’s Tuapse refinery according to Interfax reports Friday.
  • The Ukraine drone strike on Novorossiisk on Friday struck the Importpischeprom oil products terminal and Sheskharis oil harbour according to Reuters sources.
  • A unit at ExxonMobil’s 131kbpd Fos-sur-Mer oil refinery in France temporarily malfunctioned according to a community alert on May 17.
  • China’s state refiners cut run rates in the week to May 16 to 75.57%, the lowest level since mid-December, according to OilChem.
  • CDU capacity utilisation rates at China’s domestic refineries will edge down 0.24 percentage points on the week to average 57.37% in the seven days ending May 23, OilChem said.
  • The trend for prompt European gasoline towards the North American market looks set to continue with volumes directed towards PADD 1 rising this month according to Vortexa mid-month data.
  • TotalEnergies is set to restart the units on the petchem section of its Normandy refinery according to a community alert.
  • Iraq has halted imports of diesel as term deals wound down at the end of last year amid refinery upgrades, according to Bloomberg.
MNI US Refinery Maintenance Schedule –Full PieceHere