Oil Products Summary at European Close: Cracks Slide

Diesel and gasoline cracks spreads have fallen on the day, amid continued weakness in demand and robust supplies. The EIA weekly US petroleum data showed a big counter seasonal drop in weekly distillates implied demand.

• US gasoline crack down -0.8$/bbl at 15.13$/bbl
• US ULSD crack down -0.7$/bbl at 40.18$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Nov 24: Gasoline stocks +1,764 vs Exp 0, Implied mogas demand -274, Distillate stocks +5,217 vs Exp 0, Implied dist demand -1,096,
• The diesel USGC-Europe shipping cost has more than doubled in less than three weeks amid an export boost as seasonal refinery maintenance ends according to Bloomberg.
• Oil product stockpiles at the UAE’s Port of Fujairah declined by 7.7% week-on-week to 17.406m bbl in seven days to Nov. 27.
• Middle East jet/kero exports have been on a sharp decline since June due to extensive refinery maintenance in the region according to Vortexa.
• Russia's offline primary oil refining capacity has been revised up by 12% to 2.714mn tons in November from the previous plan, according to industry sources and Reuters calculations, due to changes in the maintenance schedule of some plants.
• Russian gasoline production rose by 1.1% on the week to 886.5k tons of gasoline in the week through November 26, Rosstat data showed, cited by Bloomberg.
• MNI COMMODITY ANALYSIS: Chinese Refiners Curtailed by Quotas - Full piece here: https://enews.marketnews.com/ct/x/pjJscQKBlu8I6a9mJhokTA~k1zZ8KXr-kA8x6nFU5enptIPjO1OcQ