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Oil Products Summary at European Close: Diesel Cracks Edge Up

OIL PRODUCTS
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Diesel crack spreads have edged higher with a larger than expected draw in product stocks and slight increase in implied demand.

  • US gasoline crack down 0.6$/bbl at 20.91$/bbl
  • US ULSD crack up 0.2$/bbl at 22.26$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Aug 09: Gasoline stocks -2,894 vs Exp -1,627, Implied mogas demand +78, Distillate stocks -1,673 vs Exp -77, Implied dist demand +80
  • Russian seaborne oil product exports rose to 9.289 million metric tons in July, 1.1% higher m/m according to Reuters calculations based on industry sources.
  • Russia has extended its gasoline export ban until December 31 according to an official government statement.
  • Port of Fujairah total oil product stockpiles fell 1.2% to 16.458 mn bbls for the week ended August 12, the lowest since Sept. 25, 2023, according to FOIZ data.
  • Asia’s gasoline refining margins have fallen to the lowest level in more than six weeks, according to Reuters.
  • Gasoline sales in China are not seeing a usual boost from holiday travel due to use of electricity-driven high-speed rail and new energy vehicles, according to Bloomberg.
  • China is planning to phase out diesel trucks meeting the National IV and below emissions standards, displacing around 45.36m mtpa, or 23% of China’s diesel consumption, OilChem said.
  • Indonesia’s Pertamina is expected to revamp its Balikpapan refinery to 360,000 bpd from 260,000 bpd by September 2025 according to official reports.
  • Global jet fuel demand is poised to soften amid a slowdown in consumer spending, Reuters said.
  • MNI COMMODITY WEEKLY: OPEC Unable to Ignore China Weakness: https://enews.marketnews.com/ct/x/pjJscVPak-sI6a5idR0kGg~k1zZ8KXr-kA8x6mUCJKjptIPjO1OcQ
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Diesel crack spreads have edged higher with a larger than expected draw in product stocks and slight increase in implied demand.

  • US gasoline crack down 0.6$/bbl at 20.91$/bbl
  • US ULSD crack up 0.2$/bbl at 22.26$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Aug 09: Gasoline stocks -2,894 vs Exp -1,627, Implied mogas demand +78, Distillate stocks -1,673 vs Exp -77, Implied dist demand +80
  • Russian seaborne oil product exports rose to 9.289 million metric tons in July, 1.1% higher m/m according to Reuters calculations based on industry sources.
  • Russia has extended its gasoline export ban until December 31 according to an official government statement.
  • Port of Fujairah total oil product stockpiles fell 1.2% to 16.458 mn bbls for the week ended August 12, the lowest since Sept. 25, 2023, according to FOIZ data.
  • Asia’s gasoline refining margins have fallen to the lowest level in more than six weeks, according to Reuters.
  • Gasoline sales in China are not seeing a usual boost from holiday travel due to use of electricity-driven high-speed rail and new energy vehicles, according to Bloomberg.
  • China is planning to phase out diesel trucks meeting the National IV and below emissions standards, displacing around 45.36m mtpa, or 23% of China’s diesel consumption, OilChem said.
  • Indonesia’s Pertamina is expected to revamp its Balikpapan refinery to 360,000 bpd from 260,000 bpd by September 2025 according to official reports.
  • Global jet fuel demand is poised to soften amid a slowdown in consumer spending, Reuters said.
  • MNI COMMODITY WEEKLY: OPEC Unable to Ignore China Weakness: https://enews.marketnews.com/ct/x/pjJscVPak-sI6a5idR0kGg~k1zZ8KXr-kA8x6mUCJKjptIPjO1OcQ