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Oil Products Summary at European Close: Cracks Soften

OIL PRODUCTS

Diesel and gasoline cracks spreads are continuing their downtrend this month amid concern for demand and with robust US inventories. US gasoline demand fell again last week to the second lowest weekly level since early 2023 according to GasBuddy data.

  • RBOB JAN 24 down -3% at 1.98$/gal
  • US gasoline crack down -0.3$/bbl at 14.36$/bbl
  • Gasoil DEC 23 down -2% at 763$/mt
  • US ULSD crack down -1.6$/bbl at 36.46$/bbl
  • Russian refiners have been ordered to increase supplies of winter diesel fuel available for exchange trading according to the Russian government after the latest fuels meeting with authorities.
  • US retail gasoline and diesel prices fell in the week to Dec. 8, according to the EIA.
  • TotalEnergies halted equipment at the 219kbpd Donges refinery, which has prompted the use of emergency flares, the operator said.
  • Iran is close to completing a refining cooperation contract with the Homs refinery in Syria similar to that of Venezuela’s El Palito Refinery, according to Ali Shahverdi.
  • Chinese independent refineries’ crude imports increment in Jan 2024 are likely to be limited as demand has softened and delivered prices rise, sources told Platts.
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