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Oil Products Summary at European Close: Diesel Cracks Trend Upward

OIL PRODUCTS

Diesel cracks are ticking up today following a general uptrend since the middle of last week.

  • US ULSD crack up 0.2$/bbl at 24.72$/bbl
  • US gasoline crack down 0.5$/bbl at 26.6$/bbl
  • US 321 crack down 0.3$/bbl at 25.97$/bbl
  • ULSD JUN 24 down 0.4% at 2.48$/gal
  • However, gasoline cracks are continuing their downward trend which began May 17. Seasonally weak demand levels coupled with a return of refineries from maintenance and the end of Russia’s export ban will add downward pressure.
  • ExxonMobil’s Joliet refinery had a fire inside a unit on Saturday according to a company spokesperson cited by Bloomberg.
  • Exxon Mobil will perform maintenance on a unit at its Fawley refinery, UK over the coming days according to its official account on X.
  • Iraq’s state-owned Somo has issued its first gasoil export tender, likely due to added volumes from its new 140k b/d Karbala refinery, according to Argus.
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