May 23, 2024 15:30 GMT
Oil Products Summary at European Close: Cracks Rise
OIL PRODUCTS
Gasoline cracks are stronger today amid signs of a recovery in demand ahead of the start of the traditional peak travel season. Diesel cracks are also stronger amid improved US manufacturing data.
- US gasoline crack up 0.3$/bbl at 26.35$/bbl
- US ULSD crack up 0.7$/bbl at 25.97$/bbl
- Russian VGO seaborne exports slipped 10% in April m/m to about 3.32 million tons according to LSEG due to idled capacity for maintenance and technical outages due to drone attacks.
- Imports of fuel oil to Saudi Arabia are heading towards the highest volume since November 2020, preliminary Kpler data shows.
- Indian refiners have cut their use of dirty tankers to export diesel to Europe in May, according to Reuters, after volumes hit a two-year high in April.
- Indian use of crude oil vessels to move refined products to European markets has slipped in May having hit a near two-year high in April vessel tracking data showed.
- Singapore’s onshore fuel oil stocks fell to a 5.5 year low in the week ended May 22. Middle distillate inventories were up 8% on the week to 10.9m bbl, while light end stockpiles were down 5% to 14.5m bbl.
- Iraq’s SOMO has offered around 82,000 metric tons (610,900 barrels) of gasoil term supplies for export within a three-month delivery window.
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