Oil Products Summary at European Close: Cracks Rise

Diesel and gasoline cracks are continuing to climb, with gasoline cracks on track for the highest close since June 6. Gains are driven by ongoing expectations of improving US demand ahead of the July 4 holiday period. The TSA and AAA are forecasting record levels of travel.

• US gasoline crack up 0.4$/bbl at 25.09$/bbl
• US ULSD crack up 1$/bbl at 27.35$/bbl
• Exxon Mobil said its Gravenchon oil refinery in northern France is operating normally, despite a blockade by protesters in recent days, according to Bloomberg.
• A port officer strike at the Fos and Lavera ports in southern France has led to a suspension of tanker movements according to a shipping agent reported by Bloomberg.
• Russia's exports of ultra-low-sulphur diesel from the Baltic Sea port of Primorsk are expected at around 1.4 million metric tons July
• Japan’s Eneos Corp shut its 175,000 bpd CDU at its Kashima refinery on June 29 due to a system glitch the refiner said Tuesday.
• Japan’s Taiyo Oil Co has shut two CDUs late last month at its 138,000 bpd Shikoku refinery in western Japan for scheduled maintenance the company said Tuesday.
• A fire broke out at Idemitsu Kosan's Chiba refinery in Japan early on Tuesday according to the company without giving any further details.
• Japan’s largest refiner ENEOS has bought at least one rare prompt MR-sized jet fuel cargo for July loading, trade sources told Platts, likely an attempt to address Japan’s aviation fuel shortages.