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Oil Products Summary at European Close: Diesel Cracks Down

OIL PRODUCTS
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Diesel cracks have resumed their downward trend to be trading lower on the day, while gasoline cracks are edging up. Seasonally weak diesel demand is weighing against expectations of a US product inventory draw in this week’s EIA data.

  • US gasoline crack up 0.1$/bbl at 30$/bbl
  • US ULSD crack down 0.6$/bbl at 25.44$/bbl
  • Nigeria’s new mega Dangote refinery is cutting diesel and jet fuel prices in the domestic fuel market – the third time since product deliveries began in March as the refinery ramps up production.
  • Russian oil product exports slumped to a post-pandemic low in H1 April, according to Platts’ tanker tracking data.
  • Russia's Orsk oil refinery resumed full operations on April 23 after a two-week outage due to flooding in Russia’s Urals region, according to Reuters sources.
  • China’s refined oil exports totalled 4.55m mt in March, up 58.28% on the month, according to OilChem, citing GACC data.
  • Exxon’s Baytown 564kbd refinery, Texas, has shut a hydrocracker since April 18 as well as two furnace stacks on its largest crude unit according to a Bloomberg source.
  • Annual maintenance work is starting at refineries in Hungary and Slovakia, according to Mol via Bloomberg.
  • Mexico is boosting its fuel oil exports because of higher domestic refinery runs according to Vortexa.
  • Kuwait’s KPC has signed a term agreement with Qatar Energy to supply VLSFO from July-June 2025, Argus said.
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Diesel cracks have resumed their downward trend to be trading lower on the day, while gasoline cracks are edging up. Seasonally weak diesel demand is weighing against expectations of a US product inventory draw in this week’s EIA data.

  • US gasoline crack up 0.1$/bbl at 30$/bbl
  • US ULSD crack down 0.6$/bbl at 25.44$/bbl
  • Nigeria’s new mega Dangote refinery is cutting diesel and jet fuel prices in the domestic fuel market – the third time since product deliveries began in March as the refinery ramps up production.
  • Russian oil product exports slumped to a post-pandemic low in H1 April, according to Platts’ tanker tracking data.
  • Russia's Orsk oil refinery resumed full operations on April 23 after a two-week outage due to flooding in Russia’s Urals region, according to Reuters sources.
  • China’s refined oil exports totalled 4.55m mt in March, up 58.28% on the month, according to OilChem, citing GACC data.
  • Exxon’s Baytown 564kbd refinery, Texas, has shut a hydrocracker since April 18 as well as two furnace stacks on its largest crude unit according to a Bloomberg source.
  • Annual maintenance work is starting at refineries in Hungary and Slovakia, according to Mol via Bloomberg.
  • Mexico is boosting its fuel oil exports because of higher domestic refinery runs according to Vortexa.
  • Kuwait’s KPC has signed a term agreement with Qatar Energy to supply VLSFO from July-June 2025, Argus said.