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OIL PRODUCTS: Oil Products Summary at European Close: Diesel Cracks Rise on Week

OIL PRODUCTS
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The US diesel crack has regained earlier intraday losses to reach a new 10-month high. The crack is on track for a weekly gain of 9.5% amid supply concerns following the latest US sanctions on Russia.

  • US gasoline crack up 0.8$/bbl at 10.98$/bbl
  • US ULSD crack up 0$/bbl at 31.2$/bbl
  • The Colonial Pipeline’s Line 1 is due to restart today.
  • Editors at oilprice.com note that following two years of bumper profits, US refiners are bracing for a tougher period ahead as gradually weakening fuel demand growth.
  • Germany’s Bayernoil has reported a fire in the 86kb/d Neustadt section of the Bayernoil refinery,
  • LyondellBasell’s 264kb/d Houston, Texas refinery will begin shutting units from January 20, according to Bloomberg sources.
  • Petronor announce that crude unit 2 of its 220k b/d Bilbao refinery will be put into operation Jan. 17, once maintenance work has been carried out.
  • Seaborne oil product exports from Russia rose 10.8% m/m in December to 10.37m tons, according to Reuters.
  • Germany’s oil product sales fell 3.8% on the year in October, led by an 11% decline in diesel sales, according to Ministry data cited by Bloomberg.
  • China's oil refinery throughput fell 1.6% in 2024 to 708.4m tons, NBS showed, amid soft demand and weak margins.
  • China’s teapots in Shandong reduced run rates to the lowest since Nov. 8 at 50.68% of capacity in the week to Jan. 17, according to OilChem.
  • Up to 10% of China’s oil refining capacity faces closure in the next 10 years, Reuters said.
  • Chinese EV brands and fiscal incentives will have a measurable impact on the Se Asia’s gasoline demand growth, Kpler said. 
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The US diesel crack has regained earlier intraday losses to reach a new 10-month high. The crack is on track for a weekly gain of 9.5% amid supply concerns following the latest US sanctions on Russia.

  • US gasoline crack up 0.8$/bbl at 10.98$/bbl
  • US ULSD crack up 0$/bbl at 31.2$/bbl
  • The Colonial Pipeline’s Line 1 is due to restart today.
  • Editors at oilprice.com note that following two years of bumper profits, US refiners are bracing for a tougher period ahead as gradually weakening fuel demand growth.
  • Germany’s Bayernoil has reported a fire in the 86kb/d Neustadt section of the Bayernoil refinery,
  • LyondellBasell’s 264kb/d Houston, Texas refinery will begin shutting units from January 20, according to Bloomberg sources.
  • Petronor announce that crude unit 2 of its 220k b/d Bilbao refinery will be put into operation Jan. 17, once maintenance work has been carried out.
  • Seaborne oil product exports from Russia rose 10.8% m/m in December to 10.37m tons, according to Reuters.
  • Germany’s oil product sales fell 3.8% on the year in October, led by an 11% decline in diesel sales, according to Ministry data cited by Bloomberg.
  • China's oil refinery throughput fell 1.6% in 2024 to 708.4m tons, NBS showed, amid soft demand and weak margins.
  • China’s teapots in Shandong reduced run rates to the lowest since Nov. 8 at 50.68% of capacity in the week to Jan. 17, according to OilChem.
  • Up to 10% of China’s oil refining capacity faces closure in the next 10 years, Reuters said.
  • Chinese EV brands and fiscal incentives will have a measurable impact on the Se Asia’s gasoline demand growth, Kpler said.