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Oil Products Summary at European Close: Cracks Weaken

OIL PRODUCTS

Gasoline cracks remain under pressure today amid a fall in implied demand of 26k b/d last week. Distillate cracks continue to trade lower after a large US stock build of 4.9m bbl.

  • US gasoline crack down 0.9$/bbl at 23.78$/bbl
  • US ULSD crack down 0.7$/bbl at 23.79$/bbl
  • EIA, week ending 7/5: Gasoline: -2.0M, Mogas supplied: 9.4MMbpd, Distillates: +4.9M, Refiner utilz: 95.4%
  • Phillips 66 provided an operations update following Hurricane Beryl making Texas landfall on Monday.
  • Wednesday’s EIA report comes three years after an all-time record for weekly U.S. gasoline demand of 10.04mn bpd recorded for 7/2/2021.
  • Kuwait’s Al Zour has awarded its spot tender for 0.5% VLSFO cargo loading later in July according to Reuters sources Wednesday.
  • Russian drone attacks on an energy facility in Ukraine’s Rivne region caused a fire and temporary power cuts in the region, Ukrenergo said.
  • Shandong independent refineries’ CDU operating rate fell to a two-year low, according to OilChem.
  • Total oil stocks in the UAE’s Fujairah Oil Industry Zone rose by 1.778m bbl, or 11%, in the week to July 8, according to Platts data.
  • MNI COMMODITY WEEKLY: China Refining Undermining Bullish 2024 Global Demand Forecasts: Full piece here:
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Gasoline cracks remain under pressure today amid a fall in implied demand of 26k b/d last week. Distillate cracks continue to trade lower after a large US stock build of 4.9m bbl.

  • US gasoline crack down 0.9$/bbl at 23.78$/bbl
  • US ULSD crack down 0.7$/bbl at 23.79$/bbl
  • EIA, week ending 7/5: Gasoline: -2.0M, Mogas supplied: 9.4MMbpd, Distillates: +4.9M, Refiner utilz: 95.4%
  • Phillips 66 provided an operations update following Hurricane Beryl making Texas landfall on Monday.
  • Wednesday’s EIA report comes three years after an all-time record for weekly U.S. gasoline demand of 10.04mn bpd recorded for 7/2/2021.
  • Kuwait’s Al Zour has awarded its spot tender for 0.5% VLSFO cargo loading later in July according to Reuters sources Wednesday.
  • Russian drone attacks on an energy facility in Ukraine’s Rivne region caused a fire and temporary power cuts in the region, Ukrenergo said.
  • Shandong independent refineries’ CDU operating rate fell to a two-year low, according to OilChem.
  • Total oil stocks in the UAE’s Fujairah Oil Industry Zone rose by 1.778m bbl, or 11%, in the week to July 8, according to Platts data.
  • MNI COMMODITY WEEKLY: China Refining Undermining Bullish 2024 Global Demand Forecasts: Full piece here: