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Oil Products Summary at European Close: Diesel Crack Lose Ground

OIL PRODUCTS

Diesel cracks have lost ground today after yesterday’s gains following resuming operations at the 435k b/d Whiting refinery. Diesel cracks are down around 4% since the start of the week

  • US gasoline crack up 0.1$/bbl at 18.24$/bbl
  • US gasoline crack up 0.1$/bbl at 18.24$/bbl
  • Gasoil FEB 24 down -4.6% at 815.25$/mt
  • US ULSD crack down -1.1$/bbl at 39.32$/bbl
  • Diesel markets are facing pressure amid global demand concerns after US payrolls data prompted Fed repricing suggesting lower rates cuts this year.
  • BP has confirmed that power has been fully restored to its Whiting refinery in the US Midwest as expected today and operations are resuming according to Bloomberg. A transformer shut down led the company to halt operations at the 435kbpd Whiting refinery yesterday causing the entire plant to go offline.
  • Petronor is restarting a coker unit at the 220kbpd Bilbao refinery in northern Spain after planned maintenance, the firm said in a statement.
  • PHILLIPS 66 PONCA CITY HAD MULTIPLE UNITS SHUT DOWN THURSDAY - bbg
  • IMPERIAL SAYS JET FUEL DEMAND IS 110% OF HISTORICAL LEVEL - bbg
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