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Oil Products Summary at European Close: Diesel Cracks Rise

OIL PRODUCTS
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Diesel cracks have rallied on the day, with further Russian refinery capacity going offline and an earlier fire at CVR’s Wynnewood refinery in the US.

  • US ULSD crack up 0.9$/bbl at 24.73$/bbl
  • US gasoline crack up 0.7$/bbl at 32.22$/bbl
  • CVR Refining’s Wynnewood has begun a restart after a fire on Sunday, Bloomberg said.
  • Rusia’s Slavyansk oil refinery in Krasnodar region has been forced to suspend some operations after being damaged in a Ukrainian drone attack Tass reported on Saturday.
  • OIES estimates 300kb/d of Russian crude processing and 5% of total Russian refining capacity was lost in Q1 24 on a gross basis.
  • Gasoline shortages in Nigeria have persisted as the NNPC remains the sole importer of the fuel despite imports being opened to private firms late last year.
  • India received a fuel oil cargo from a Russian Sovcomflot tanker on Friday after a brief halt following stricter US led sanctions against the firm.
  • Chennai Petroleum Corp will shut some units of its operational 10.5m ton Manali refinery in Tamil Nadu for a month in July-August for maintenance.
  • Feedstock fuel oil arrivals at Ports in Shandong Province will have amounted to 1.8m mt in April, flat on the month from March, according to OilChem.
  • Global airline passenger capacity is set to rise to 114.30m seats in the seven days commencing April 29, OAG said.
  • Global passenger jet fuel demand is set to rise from 6.46m b/d in April to 6.56m b/d in May, according to BNEF.
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Diesel cracks have rallied on the day, with further Russian refinery capacity going offline and an earlier fire at CVR’s Wynnewood refinery in the US.

  • US ULSD crack up 0.9$/bbl at 24.73$/bbl
  • US gasoline crack up 0.7$/bbl at 32.22$/bbl
  • CVR Refining’s Wynnewood has begun a restart after a fire on Sunday, Bloomberg said.
  • Rusia’s Slavyansk oil refinery in Krasnodar region has been forced to suspend some operations after being damaged in a Ukrainian drone attack Tass reported on Saturday.
  • OIES estimates 300kb/d of Russian crude processing and 5% of total Russian refining capacity was lost in Q1 24 on a gross basis.
  • Gasoline shortages in Nigeria have persisted as the NNPC remains the sole importer of the fuel despite imports being opened to private firms late last year.
  • India received a fuel oil cargo from a Russian Sovcomflot tanker on Friday after a brief halt following stricter US led sanctions against the firm.
  • Chennai Petroleum Corp will shut some units of its operational 10.5m ton Manali refinery in Tamil Nadu for a month in July-August for maintenance.
  • Feedstock fuel oil arrivals at Ports in Shandong Province will have amounted to 1.8m mt in April, flat on the month from March, according to OilChem.
  • Global airline passenger capacity is set to rise to 114.30m seats in the seven days commencing April 29, OAG said.
  • Global passenger jet fuel demand is set to rise from 6.46m b/d in April to 6.56m b/d in May, according to BNEF.