Oil Products Summary at European Close: Cracks Rise on Week

Diesel cracks softened yesterday but are set for a net gain of around 12.5% since the start of the week. The earlier downside move for diesel was more muted than for crude after the larger US oil product inventory draws reported by the EIA Wednesday.

• US ULSD crack up 0.3$/bbl at 42.9$/bbl
• Gasoil DEC 23 up 1.9% at 807$/mt
• US gasoline crack down -0.1$/bbl at 15.4$/bbl
• RBOB DEC 23 up 2.7% at 2.16$/gal
• The Russian government will lift the ban on gasoline exports from 17 November as supplies in the domestic market have improved, the Russian Energy Ministry said in a Telegram post, cited by Bloomberg.
• Russian gasoline stockpiles are around 2m tons, the ministry said.
• China’s state-owned refinery run rates increased for the first time in six weeks according to Bloomberg based on OilChem data. State-owned refinery runs rose to 76.84% of capacity in the week to 17 Nov after falling to the lowest since May last week.
• KIPIC’s CEO said Thursday its mega 615,000 bpd Al Zour refinery was working to restore full operations within 10 days after an unexpected shutdown last week due to a malfunctioning gas leak.
• Marathon Petroleum restarted a rebuilt reformer at its 593kbpd Galveston Bay Refinery in Texas on Thursday and plans to resume production Friday, people familiar with plant operations told Reuters.