Oil Products Summary at European Close: Cracks Weaker

Diesel and gasoline cracks remain weak with an increase in US stock levels and softer four-week implied demand data.

• US gasoline crack down 0.8$/bbl at 22.12$/bbl
• US ULSD crack down 1$/bbl at 21.7$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Jul 12: Gasoline stocks +3,328 vs Exp -1,446, Implied mogas demand -615, Distillate stocks +3,454 vs Exp +440, Implied dist demand +119, Tot product stocks +15,277, Ref runs -181
• GasBuddy has revised up its US gasoline demand data for the week to July 13 to 8.897m b/d, GasBuddy’s Patrick DeHaan said via X.
• Russia’s Energy Ministry proposes to extend the gasoline export ban into Sept and Oct, according to RBC.
• Russia’s energy ministry has proposed a gasoline export ban extension into September and October according to RBC daily, citing a letter from the deputy minister.
• ExxonMobil shut its 251,800 bpd Joliet refinery in Illinois due to a power outage following a storm according to a filing on Monday.
• China’s gasoline and gasoil supplies – domestic production minus exports – was down 6.51% and 7.45% respectively on the month in June, OilChem said.
• Total oil product stocks in the UAE’s Fujairah Oil Industry Zone rose by 1.703m bbl, or 9.3%, in the week to July 15.
• A draft government plan in Japan presented on July 16 aims to boost jet fuel production amid an increase in flights amid a surge in tourism, according to Reuters.