Oil Products Summary at European Close: Diesel Cracks Stable

Diesel cracks are relatively unchanged today with weak fuel demand and healthy supplies still weighing on prices.

• US gasoline crack down 0.1$/bbl at 26.76$/bbl
• US ULSD crack down 0$/bbl at 23.96$/bbl
• Lukoil’s Volgrad refinery, Russia, is partly shut down after the latest Ukrainian drone attack on Sunday according to Reuters sources.
• Russia's Gazprom Neftekhim Salavat refinery in the Bashkortostan region has stopped its catalytic cracker after the drone attack May 9 according to Reuters sources.
• Russia’s fuel market is “stable” according to acting Deputy Prime Minister Alexander Novak.
• Romania’s Rompetrol has completed a turnaround at its Petromidia Navodari refinery – the biggest in the country.
• US gasoline demand rose 1.1% w/w for the week ended 11/05 – 1.5% above the four-week moving average according to GasBuddy.
• 38.4 million Americans will take to the roads this Memorial Day weekend according to a AAA forecast – the highest in two decades.
• Phillips66 reported FCCU (Unit 29) emissions at its Borger, Texas refinery according to an environmental quality filing.
• From June, California’s refiners must file maintenance schedules with the state’s energy commission a minimum of 120 days prior to planned work, according to Argus.
• Gulf Cooperation Country (GCC) refiners exported record volumes of middle distillates to Europe in April amid weak Asian demand: MEES.
• German heating oil sales have hit their second highest weekly average in 2024 thus far, amid falling prices and low end-user stocks: Argus.
• Chevron Pasadena refinery halted a reformer early on Saturday morning after an equipment leak according to a regulatory filing.
• CDU Capacity Utilisation rates at China’s state-owned refineries ae expected to continue falling in the week to May 16: OilChem.
• The arrival of feedstocks into independent refineries in Shandong fell 14% in April m/m to 9.09m tons: OilChem.