May 30, 2024 15:24 GMT
Oil Products Summary at European Close: Cracks Weaken on Day
OIL PRODUCTS
Diesel and gasoline cracks have sunk today, with pressure from EIA data showing surprise builds in US stocks for both products. Implied demand for each product also declined, adding to a more bearish outlook for road fuels.
- US 321 crack down 0.4$/bbl at 23.46$/bbl
- US gasoline crack down 0.4$/bbl at 23.59$/bbl
- US ULSD crack down 0.5$/bbl at 23.21$/bbl
- Gasoil JUN 24 down 1% at 744.25$/mt
- EIA Weekly US Petroleum Summary - w/w change week ending May 24: Gasoline stocks +2,022 vs Exp -1,147, Implied mogas demand -167, Distillate stocks +2,544 vs Exp -100, Implied dist demand -88
- ARA oil product stockpiles according to Insights Global: Inventory type, weekly change (Kmt): Gasoline: 993, +88, Naphtha: 453, -48, Gasoil: 2,225, -61, Fuel Oil: 1,546, -138, Jet Fuel: 871, -30
- Work at Exxon Rotterdam could result in flaring in the coming days it said via X:
- China’s road congestion held steady in the week to May 29, according to BNEF. This puts it at around 138% of January 2021 levels, BNEF added.
- Rosneft’s 240,000 bpd Tuapse based refinery may remain idle until mid-June despite being repaired following a recent drone attack on May 17 targeting its CDU according to Reuters sources.
198 words