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Oil Products Summary at European Close: Diesel Cracks Surge

OIL PRODUCTS

Diesel cracks have strengthened on the day to their highest level since May 23, accelerating the recovery seen since the start of June. Better than expected US PPI data has added further support during the day.

  • US gasoline crack up 0.4$/bbl at 22.55$/bbl
  • US ULSD crack up 1.8$/bbl at 25.88$/bbl
  • May PPI -0.2% M/M (0.1% expected); core PPI (ex food/energy/trade) 0% (0.3% expected)
  • ARA oil product stocks according to Insights Global. Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,129, +239, Naphtha: 486, -31, Gasoil: 2,205, -52, Fuel Oil: 1,570, -15, Jet Fuel: 966, +55
  • South Korea’s Hyundai Oilbank has reduced the crude processing volume at one of the CDUs at the 520kbpd refinery in Seosan to about 250kbpd for about a week, according to Reuters sources
  • China’s road traffic congestion levels fell by 13% in the week to June 12, down to 121% of Jan. 2021 levels, according to BNEF.
  • Singapore onshore fuel oil stocks rose 1.6% higher w/w to 19.16 million barrels (3.02 million metric tons) for the week ended June 12 according to Enterprise data Thursday.
  • Singapore middle distillate stocks slipped to a four-month low for the week ended June 12 at 9.028 million barrels – down from 10.845 million barrels last week according to Enterprise data.
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