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Oil Products Summary at European Close: Cracks Slip Back

OIL PRODUCTS

Product cracks are now losing ground on the day and are heading for steep on-the-week losses. Limited demand and healthier stock levels continue to add pressure to the market.

  • US gasoline crack down 0.4$/bbl at 22.69$/bbl
  • US ULSD crack down 0.2$/bbl at 22.89$/bbl
  • China’s oil product imports fell 33.2% from May to a 20-month low of 2.97m mt in June, GACC data cited by Platts said.
  • Given the growth of exchange prices for fuel to record highs this year, Russia’s Federal Antimonopoly Service has proposed to reinstate the ban on gasoline exports in August, Kommersant’s sources said.
  • Russian seaborne oil product exports fell to 8.894mn metric tons in June – down 4.2% m/m due to unplanned refinery maintenance according to Reuters.
  • Phillips 66 reports broken seal at its 356,000 bpd, Wood River, Illinois refinery according to a filing.
  • Saudi fuel oil imports rose in June to their highest levels since the end of 2020 to support high power demand during the summer.
  • Asian refining margins for VLSFO saw a weekly decline as of July 12, driven by ample prompt supply, Reuters said.

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