Oil Products Summary at European Close: Cracks Up

Diesel cracks are regaining ground in line with the move in the crude futures after a more positive view of demand from the latest OPEC MOMR. Gasoline cracks also reversed earlier losses to rally in the European afternoon trading period.

• US ULSD crack up 2.5$/bbl at 40.54$/bbl
• Gasoil DEC 23 up 2.7% at 812.5$/mt
• US gasoline crack up 0.6$/bbl at 15.14$/bbl
• RBOB DEC 23 up 1.3% at 2.22$/gal
• AAA forecasts 55.4mn people will be travelling, including more than 49mn Americans driving, during 22-26 November for the Thanksgiving holiday, cited by CNN.
• Atlantic Basin clean product imports slipped outwith the 7-year range in October according to Vortexa driven by European flows dropping.
• Diesel cracks have been facing continued downward pressure since Russia’s ban on diesel exports was lifted, according to a report by Oilytics.
• Russian refinery runs recovered to 5.46mn bpd in the week to November 8 according to a Bloomberg source, 150kbd higher than the October average.
• Exxon’s 252kbd Joliet refinery in Illinois has reported valve malfunction according to a filing.
• Kuwait’s 615kbd Al Zour refinery is restarting slowly after shutting down completely when the fuel gas feed from Kuwait Oil was cut off according to an announcement by the company on X Sunday.
• Asia-Pacific air travel is struggling to recover fully to pre-pandemic levels because of rising fuel prices and high inflation according to industry body IATA which places the region's air travel recovery at 69% of 2019 levels for the year through September.
• Global Airline Passenger capacity is largely stable in the week commencing Nov. 13, with just a 0.1% reduction in seats, according to OAG.