Oil Products Summary at European Close: Cracks Slip

US diesel and gasoline cracks have eased back today, erasing some of the gains from yesterday which followed confirmation that operations at the Baywater refinery are not disrupted.

• US gasoline crack down -0.1$/bbl at 16.96$/bbl
• US ULSD crack down -1$/bbl at 38.35$/bbl
• Valero Energy began a planned overhaul on the large CDU at its 335,000-bpd refinery in Port Arthur on Monday according to Reuters sources Tuesday.
• ExxonMobil’s Joliet refinery Illinios, had sulphur dioxide gas flaring Jan. 16 from an unknown issue according to a regulatory filing.
• Motiva’s Port Arthur refinery on the Texas Gulf Coast shut the FCCU No 2, the delayed coker unit 1 and hydrotreater No 4 on 15 January due to freezing temperatures, according to a report from the Texas Commission on Environmental Quality.
• Russian Deputy Minister Alexander Novak plans to hold a meeting on January 19 with refiners on the current state of the domestic oil products market according to Interfax.
• Russia’s gasoline production fell by 2.1% to 819.5k mt the week to Jan. 14, according to Rosstat.
• UAE oil product stockpiles at the port of Fujairah fell 1.2% in the week ended Jan.15 – the second consecutive weekly decline.
• Naphtha refinery margins in Asia have risen to the highest since Dec 18 as Red Sea diversions have increased according to Bloomberg.