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Oil products Summary at European Close: Cracks Soften

OIL PRODUCTS
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Diesel and gasoline crack spreads have weakened today amid indications of softer US demand. Diesel continues to ease back from the highest since early April seen last week.

  • US gasoline crack down 0.2$/bbl at 24.52$/bbl
  • US ULSD crack down 0.5$/bbl at 26.08$/bbl
  • Germany’s PCK Schwedt refinery, which was cut off from Russian crude supplies in 2022, is now consistently running at a high rate and seeks to double imports from Kazakhstan, Bloomberg said, citing a refinery official.
  • U.S. gasoline demand saw a drop of 2.7% for the week ended July 6 according to GasBuddy data as July 4 holiday travel failed to spur a resurgence.
  • Marathon Petroleum’s 631,000 bpd Galveston Bay Refinery in Texas City, Texas was hit by a power interruption on Monday because of Hurricane Beryl.
  • Production at multiple units at Valero's 360kbpd Port Arthur refinery, Texas, was affected after a brief power interruption on Friday.
  • Citgo plans to operate its 165,000 bpd Corpus Christi refinery in Texas at minimum production as hurricane Beryl passes the region.
  • A combination of record heat and hurricanes should test US refiners’ resilience on the coming weeks, risking volatile prices during peak travel season, Reuters said.
  • China’s July gasoline consumption is expected to fall below 2023’s level due to booming electrical vehicle use, OilChem forecasts.
  • India's fuel demand increased by 2.6% year-on-year but fell 3.5% from May to 19.99m mt in June.
  • The U.S. TSA says it screened more than 3 million passengers at airports across the U.S. on July 7, setting a record for the largest total in a single day in a further boost for U.S. air travel.
  • Global airline passenger capacity is set to rise to 122.90m seats in the seven days starting July 8, OAG said.
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Diesel and gasoline crack spreads have weakened today amid indications of softer US demand. Diesel continues to ease back from the highest since early April seen last week.

  • US gasoline crack down 0.2$/bbl at 24.52$/bbl
  • US ULSD crack down 0.5$/bbl at 26.08$/bbl
  • Germany’s PCK Schwedt refinery, which was cut off from Russian crude supplies in 2022, is now consistently running at a high rate and seeks to double imports from Kazakhstan, Bloomberg said, citing a refinery official.
  • U.S. gasoline demand saw a drop of 2.7% for the week ended July 6 according to GasBuddy data as July 4 holiday travel failed to spur a resurgence.
  • Marathon Petroleum’s 631,000 bpd Galveston Bay Refinery in Texas City, Texas was hit by a power interruption on Monday because of Hurricane Beryl.
  • Production at multiple units at Valero's 360kbpd Port Arthur refinery, Texas, was affected after a brief power interruption on Friday.
  • Citgo plans to operate its 165,000 bpd Corpus Christi refinery in Texas at minimum production as hurricane Beryl passes the region.
  • A combination of record heat and hurricanes should test US refiners’ resilience on the coming weeks, risking volatile prices during peak travel season, Reuters said.
  • China’s July gasoline consumption is expected to fall below 2023’s level due to booming electrical vehicle use, OilChem forecasts.
  • India's fuel demand increased by 2.6% year-on-year but fell 3.5% from May to 19.99m mt in June.
  • The U.S. TSA says it screened more than 3 million passengers at airports across the U.S. on July 7, setting a record for the largest total in a single day in a further boost for U.S. air travel.
  • Global airline passenger capacity is set to rise to 122.90m seats in the seven days starting July 8, OAG said.