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OIL PRODUCTS: Oil Products Summary at European Close: Diesel Crack Halts Surge

OIL PRODUCTS
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The US diesel crack is softening today after surging to its highest level since March. The market remains overall supported by supply concerns following the latest US sanctions on Russia. 

  • US gasoline crack up 0.9$/bbl at 11.51$/bbl
  • US ULSD crack down 0.3$/bbl at 32.28$/bbl
  • Increased hostility by the Trump administration towards electric vehicles could be supportive for gasoline demand in the US.
  • A Reuters headline titled “incoming White House official: trump will put an end to electric vehicle mandate” highlights the new Trump administration’s likely hostility towards EVs, and thus support for gasoline production and gasoline-fuelled cars.
  • The resid hydrotreater at Marathon Petroleum’s 631k b/d Galveston Bay refinery in Texas was restarted, sources told Reuters on Jan. 17.
  • Phillips 66 has reported a unit upset at its 356,000 bpd Wood River refinery in Illinois according to an agency filing.
  • China’s total refined oil product exports fell 7.2% y/y to 58.14m tons in 2024, according to General Administration of Customs data.
  • Russian refinery runs processed a total of 5.52mn bpd of crude from Jan. 9-15 a Bloomberg source said – the highest since mid-Dec and 120kbd higher than the average of the prior 7-days.
  • Global airline passenger capacity is set to rise by 0.97m seats in the seven days commencing from Jan. 20, OAG said.
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The US diesel crack is softening today after surging to its highest level since March. The market remains overall supported by supply concerns following the latest US sanctions on Russia. 

  • US gasoline crack up 0.9$/bbl at 11.51$/bbl
  • US ULSD crack down 0.3$/bbl at 32.28$/bbl
  • Increased hostility by the Trump administration towards electric vehicles could be supportive for gasoline demand in the US.
  • A Reuters headline titled “incoming White House official: trump will put an end to electric vehicle mandate” highlights the new Trump administration’s likely hostility towards EVs, and thus support for gasoline production and gasoline-fuelled cars.
  • The resid hydrotreater at Marathon Petroleum’s 631k b/d Galveston Bay refinery in Texas was restarted, sources told Reuters on Jan. 17.
  • Phillips 66 has reported a unit upset at its 356,000 bpd Wood River refinery in Illinois according to an agency filing.
  • China’s total refined oil product exports fell 7.2% y/y to 58.14m tons in 2024, according to General Administration of Customs data.
  • Russian refinery runs processed a total of 5.52mn bpd of crude from Jan. 9-15 a Bloomberg source said – the highest since mid-Dec and 120kbd higher than the average of the prior 7-days.
  • Global airline passenger capacity is set to rise by 0.97m seats in the seven days commencing from Jan. 20, OAG said.