Oil Products Summary at European Close: Diesel Cracks Rise

Diesel cracks have risen as EIA US weekly oil data shows a larger than expected decline in stocks and an increase in oil product implied demand.

• US gasoline crack down -0.3$/bbl at 27.95$/bbl
• US ULSD crack up 0.7$/bbl at 31.78$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Mar 01: Gasoline stocks -4,460 vs Exp -1,060, Implied mogas demand +546, Distillate stocks -4,131 vs Exp -332, Implied dist demand +538
• China’s state-owned refineries plan to raise throughput by 11.14% on the month in March to 43.81m mt, according to OilChem.
• Russian diesel-type shipments from the Baltic port of Primorsk fell in February to 1.8m tons from the high seasonal levels seen last month according to Bloomberg based on port report and ship tracking data.
• Oil products stockpiles at the Port of Fujairah edged up by 0.4% on the week to 18.806mn barrels as of 4 March according to the Fujairah Oil Industry Zone.
• Bayernoil’s Vohburg refinery is planning to halt wholesale deliveries of all products this weekend, sources told Bloomberg, without stating a reason.
• A planned two-week strike by Finnish workers could cause the closure of Neste’s Porvoo refinery next week, Reuters said.