Oil Products Summary at European Close: Diesel Cracks Continues Fall

Diesel cracks are continuing their continuous weakening since Feb. 9 as the market eases back from a four-month high. Pressure comes from US distillates demand falling below the previous five-year seasonal range in the latest EIA data yesterday.

• US ULSD crack up 0.8$/bbl at 41.82$/bbl
• US gasoline crack down -0.1$/bbl at 20.4$/bbl
• Stockpiles in independent storages in Europe's ARA Stockpiles from Insights Global: oil- (in 1000mt): Gasoline: 1,247, +178, Naphtha: 363, +82, Gasoil: 1,950, +63, Fuel Oil: 1,442, +124, Jet Fuel: 664, +12
• A fire at ExxonMobil’s Rotterdam refinery is under control according to the company’s official X account.
• Works at the 29kbpd FCC at TotalEnergies’ Feyzin refinery in France will cause flaring on Thursday, according to a report by Le Progres citing a statement from the company.
• Equinor on Thursday shut its 240kbpd Mongstad oil refinery in Norway due to a fire in an electrical facility.
• BP’s Whiting, Indiana, refinery will take at least until the end of February to restore normal operations after the power loss on 1 February.
• Workers represented by the Teamsters union at Marathon Petrolum’s 140kbpd Detroit refinery have voted to authorize strike action, the union said on Thursday.
• The growth in global oil refining capacity in 2024 will be led by the Middle East, China and Africa according to the IEA Oil Monthly Report.
• China’s traffic levels have fallen 70.8% in the week to Feb. 14, as the nation celebrates the Lunar New Year holiday, according to BNEF.
• Singapore’s middle distillate stocks climbed to a three-month high in the week to Feb. 14.