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Oil Products Summary at European Close: Diesel Cracks Sink Further

OIL PRODUCTS

Diesel cracks have lost further ground during the day as seasonally weak demand levels, robust global supply, and a lacklustre outlook for the US manufacturing sector add downside.

  • US ULSD crack down 0.8$/bbl at 23.28$/bbl
  • US gasoline crack up 0.5$/bbl at 29.54$/bbl
  • ARA oil product stockpiles according to Insights Global:
  • Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,022, -34, Naphtha: 585, +38, Gasoil: 2,248, +72, Fuel Oil: 1,574, -33, Jet Fuel: 830, -18.
  • PBF Energy’s 190kbd Chalmette refinery in Louisiana completed repairs on its sole FCC and is preparing the unit for restart according to Bloomberg sources late on Wednesday.
  • High-sulfur fuel oil margins in Asia this week rallied to the narrowest since August amid tightening fuel supplies and increasing demand.
  • Singapore distillate stockpiles fell 6% w/w for the week ended May 1, the lowest figure since mid-November.
  • Chinese tourists have taken overseas trips at ~7% below pre-pandemic levels for the May Labor Day holiday April 27-May 5 according to ForwardKeys.
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