Oil Products Summary at European Close: Cracks Slide

Gasoline and diesel cracks spreads have extended their losses on the day after EIA data showed a drop in implied demand last week.

• US gasoline crack down -1.5$/bbl at 21.45$/bbl
• US ULSD crack down -2.2$/bbl at 41.83$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Feb 09: Gasoline stocks -3,658 vs Exp -1,758: Implied mogas demand -639, Distillate stocks -1,915 vs Exp -1,897, Implied dist demand -303
• BP is buying refined products on the market to meet contractual obligations for wholesale fuel customers due to the continued outage of its 435,000 bpd Whiting, Indiana refinery according to Argus reports.
• Oman's Duqm refinery, which is already producing at capacity of 230,000 bpd, will add another 5%-10% of output in 2024 according to the company's CEO David Bird speaking with Platts.
• The lack of oil product imports to Europe from outside the Atlantic Basin are driving higher European refining margins according to Citigroup.
• The 168kb/d Citgo Corpus Christi refinery in Texas is planning to shut multiple units in Q2 for maintenance according to Bloomberg sources.
• Gazprom Neft’s Moscow refinery is operating normally following reports of a nearby fire according to the facilities press service.
• Novatek resumed gas condensate processing at the Ust-Luga complex on 11 February, industry sources told Reuters, following a Ukrainian drone attack on 21 January.
• Oil products stockpiles at the port of Fujairah rose by 2.1% to 19.149mn barrels in the week to 12 February, according to the Fujairah Oil Industry Zone.