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Oil Products Summary at European Close: Cracks Slip

OIL PRODUCTS

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.
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