Oil Products Summary at European Close: Diesel Cracks Fall

Diesel cracks are trading lower on the day despite a stock draw, driven by lower production, as four-week implied demand remains below the five-year average.

• US gasoline crack up 0.5$/bbl at 19.45$/bbl
• US ULSD crack down -0.5$/bbl at 37$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Jan 19: Gasoline stocks +4,912 vs Exp +1,414, Implied mogas demand -389, Distillate stocks -1,417 vs Exp +578, Implied dist demand +139
• Shell is planning start maintenance at the 404kbpd Pernis refinery in Rotterdam by the end of January, the firm said via X.
• Equinor plans to undergo maintenance at the Mongstad refinery in Nordhordland, Norway, from the beginning of April until the middle of May, a spokesperson told Bloomberg.
• Russia’s Novatek has resumed fuel loadings at its Baltic Sea Ust-Luga terminal on Wednesday after a recent drone attack according to Reuters sources and data.
• Russia’s refined fuel exports fell to the lowest in seven weeks but remained above the Q1 target according to Bloomberg based on Vortexa data.
• At least three fuel oil tankers carrying Russian fuel on Greek vessels have diverted away from Red Sea passage despite assurances that it’s vessels would not be targeted according to Lloyds List reports.
• Russia’s gasoline production rose by 8.4% on the week in the seven days to Jan. 21, according to Rosstat. Meanwhile, diesel production was down 2.4% on the week to 1.695m mt.
• Fujairah oil product stockpiles rose 2.9% in the week ended Jan. 22 - the first gain in three weeks - according to Fujairah Oil Industry Zone data.
• MNI COMMODITY WEEKLY: Iranian Escalations Unrestrained by Oil Supply Fears – Full piece here: https://enews.marketnews.com/ct/x/pjJscQSKn74I6a9iJxp0Gg~k1zZ8KXr-kA8x6nDWJ72ptIPjO1OcQ