Oil Products Summary at European Close: Cracks Slip

Gasoline cracks have slipped back after holding gains for much of the day. Earlier support came after Russia approved a six-month ban on gasoline exports starting 1 March according to RBC daily.

• US gasoline crack down -0.2$/bbl at 29.9$/bbl
• RBOB MAR 24 up 0.8% at 2.32$/gal
• Gasoil MAR 24 up 1% at 849$/mt
• US ULSD crack down -0.3$/bbl at 36.06$/bbl
• China's state-owned refineries intend to raise their refined oil exports by 20.69% from February’s planned volumes of 4.2 million tonnes in March according to OilChem.
• Russian fuel oil shipments towards Africa are set for a record high in February according to Kpler.
• Works at BP’s 435kbpd Whiting, Indiana, refinery are still ongoing with various contractors still onsite and output may still be partially effected, GasBuddy said via X.
• South Korea’s S-Oil restarted a CDU at the refinery complex in Onsan on Tuesday after a fire late last week, sources told Reuters.
• Implied jet fuel demand based on passenger schedules will fall 0.6% on the week to 6.2m b/d in the seven days to March 4, according to BNEF.