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Oil Products Summary at European Close: Diesel Cracks Extend Gains

OIL PRODUCTS

US diesel cracks extended gains in the European afternoon trading, as disruption to Russian exports counters returning US refinery runs.

  • US gasoline crack down 0.5$/bbl at 29.74$/bbl
  • US ULSD crack up 1.4$/bbl at 28.08$/bbl
  • Phillips 66 shut the Unit 40 30kbpd FCC at the 149kbpd Borger, Texas, refinery on Monday 11:20AM local time following a fire according to TCEQ.
  • Neste started preparations for the planned turnaround at its 206kbpd Porvoo refinery on 1 April with the shutdown of process units, the firm said in a statement.
  • Utilisation rates at Mexico’s Pemex domestic refineries fell slightly in February after reaching the highest since May 2017 in January, according to company data compiled by Bloomberg.
  • CDU Rates at China’s state-owned refineries are expected to continue falling in the week to April 4, as the Tahe and Dalian refineries put their CDUs under maintenance, according to OilChem.
  • The ten-day average of exports of Russian diesel-type fuel dropped to the lowest since December to an average of about 840kb/d according to Bloomberg citing Kpler data.
  • Gazprom 's Astrakhan gas processing plant halted production of diesel and gasoline on March 31 due to unplanned maintenance according to Reuters sources.

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