Oil Products Summary at European Close: Cracks Supported

Gasoline cracks are rangebound on the day, despite a larger than expected draw in US stocks. Diesel cracks are continuing their recent recovery, supported by an as expected draw in stocks on higher exports and lower production.

• US 321 crack up 0.3$/bbl at 30.58$/bbl
• US gasoline crack up 0$/bbl at 30.96$/bbl
• US ULSD crack up 0.8$/bbl at 29.84$/bbl
• Gasoil APR 24 up 2.2% at 863.75$/mt
• Gazprom 's Astrakhan gas processing plant resumed fuel oil production and plans to restart light-products output on 4 March after halting production of diesel and gasoline on 31 March due to an unplanned outage according to Interfax.
• Petronor’s 220kbd Bilbao refinery shut the gasoil desulfurization unit for maintenance on 2 April in the afternoon, it said in a statement.
• Russia’s fuel market is stable and domestic demand for gasoline and diesel is fully met, Russia’s Deputy PM Alexander Novak said.
• Oil India is planning to start operations at the 180kbpd Numaligarh refinery in the northeastern state of Assam by December 2025, the firm’s chairman Ranjit Rath said.
• Stockpiles of oil products at the UAE's Port of Fujairah increased by 2.4% in the week ending April 1 to 20.269mn barrels, the highest in eight months, according to the Fujairah Oil Industry Zone and shipping data.