Oil Products Summary at European Close: Cracks Up

US diesel cracks are rising today, following a decline seen last week. There has been a strong jump in levels as European close approaches. Weak demand had been weighing on diesel spreads since reaching a high of nearly 44.6$/bbl on Nov 16 with US freight demand consistently lagging supply.

• US gasoline crack up 1.2$/bbl at 16.08$/bbl
• US ULSD crack up 0.9$/bbl at 38.61$/bbl
• Seaborne diesel and gasoil exports from Russia rose 8.5% on the month in November to 2.8m mt, according to Reuters.
• Kuwait’s Al Zour refinery is running its third and final CDU – increasing maximum capacity to 615,000 bpd as it ramps up according to the official KIPIC X account on Sunday.
• GasBuddy models put US gasoline demand in the week to Dec. 2 at an average of 8.478m b/d, Patrick De Haan, head of petroleum analysis at GasBuddy said on X.
• Germany’s Holborn refinery located in north Germany has completed a planned turnaround, Oilinvest said via LinkedIn
• OIL PRODUCTS - The regrade jet fuel premium over gasoil in Asia is likely to ease back from the five year high of 2.20$/bbl on Nov 29, according to FGE.
• Global regrade spreads have shifted into positive territory for the first time since February amid diesel selloffs and an aviation recovery according to Kpler.