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Oil Products Summary at European Close: Cracks Soften

OIL PRODUCTS
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Diesel and gasoline crack spreads are trending lower today, reversing some of last week’s gains. Gasoline exports from China fell to the lowest since 2015 in April amid refinery maintenance.

  • US gasoline crack down 1.2$/bbl at 27.11$/bbl
  • US ULSD crack up 0$/bbl at 24.6$/bbl
  • Six Ukrainian drones struck the Russian Slavyansk refinery facility on Sunday – halting operations according to RBC reports Monday.
  • Rosneft's 240kbpd Tuapse oil refinery resumed operations on May 19 according to Reuters sources after an emergency shutdown on May 17 due to drone strikes.
  • Russia made a final decision to suspend the temporary ban on gasoline exports with sufficient supply to the domestic market: Reuters.
  • NW European E5 gasoline barges have fallen so far in May due to a relative scarcity of export opportunities: Energy Aspects.
  • Offline capacity at U.S. oil refiners is expected to fall to 122kbpd in the week ending May 24, according to IIR Energy cited by Reuters.
  • Exxon Mobil’s 250,000 bpd Joliet refinery in Illinois reported a fire on Saturday according to a regulatory filing.
  • Pemex’s flagship Olmeca (Dos Bocas) refinery in Mexico signals further delays according to Reuters reports.
  • China’s gasoline exports in April slipped to the lowest level since July 2015 according to customs figures on firmer domestic demand, while fuel oil imports rose to 2.93m mt, the highest since at least 2020.
  • Refinery runs in Asia runs, excluding China, are expected to fall by 300kb/d in Q2 from Q1 to 15.7mb/d through July, according to FGE on May 17 via Bloomberg.
  • Implied jet fuel demand in the week beginning May 21 is set to rise marginally, reversing last week’s downturn: BNEF.
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Diesel and gasoline crack spreads are trending lower today, reversing some of last week’s gains. Gasoline exports from China fell to the lowest since 2015 in April amid refinery maintenance.

  • US gasoline crack down 1.2$/bbl at 27.11$/bbl
  • US ULSD crack up 0$/bbl at 24.6$/bbl
  • Six Ukrainian drones struck the Russian Slavyansk refinery facility on Sunday – halting operations according to RBC reports Monday.
  • Rosneft's 240kbpd Tuapse oil refinery resumed operations on May 19 according to Reuters sources after an emergency shutdown on May 17 due to drone strikes.
  • Russia made a final decision to suspend the temporary ban on gasoline exports with sufficient supply to the domestic market: Reuters.
  • NW European E5 gasoline barges have fallen so far in May due to a relative scarcity of export opportunities: Energy Aspects.
  • Offline capacity at U.S. oil refiners is expected to fall to 122kbpd in the week ending May 24, according to IIR Energy cited by Reuters.
  • Exxon Mobil’s 250,000 bpd Joliet refinery in Illinois reported a fire on Saturday according to a regulatory filing.
  • Pemex’s flagship Olmeca (Dos Bocas) refinery in Mexico signals further delays according to Reuters reports.
  • China’s gasoline exports in April slipped to the lowest level since July 2015 according to customs figures on firmer domestic demand, while fuel oil imports rose to 2.93m mt, the highest since at least 2020.
  • Refinery runs in Asia runs, excluding China, are expected to fall by 300kb/d in Q2 from Q1 to 15.7mb/d through July, according to FGE on May 17 via Bloomberg.
  • Implied jet fuel demand in the week beginning May 21 is set to rise marginally, reversing last week’s downturn: BNEF.