Free Trial

Oil Products Summary at European Close: Diesel Falls Further

OIL PRODUCTS

Diesel cracks continue to pull back as Russia is ready to partially lift its diesel ban in the coming days by allowing pipeline exports subject to quotas.

  • US ULSD crack down -1.5$/bbl at 43$/bbl
  • US gasoline crack down -0.6$/bbl at 8.25$/bbl
  • US ULSD crack down -1.4$/bbl at 43.13$/bbl
  • Gasoil OCT 23 down -3.3% at 919.5$/mt
  • The latest weekly EIA oil data showed four week average US gasoline demand fell to the lowest since mid-February and the lowest for this time of year since 1997.
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 29: Gasoline stocks +6,481 vs Exp +192, Implied mogas demand -605, Distillate stocks -1,269 vs Exp -156, Implied dist demand -157, Tot product stocks +6,862
  • The 615kbpd Al-Zour refinery will start operations at its third unit within a few weeks, before the end of October, KUNA cited KIPIC spokesperson Abdullah Al-Ajmi.
  • Russia’s export ban on diesel and gasoline helped to stabilize the domestic market, according to Russia’s Deputy PM Alexander Novak and reported by Bloomberg.
  • Russian diesel exports fell by 57% after Moscow introduced the ban from 21 September, Vortexa data showed, cited by Bloomberg.
  • Russian wholesale gasoline and fuel prices rose Oct. 4 following reports that the fuel ban may be eased, according to Reuters.
  • Flows of CPP from East Asian refiners to Latin America reached a record high of 300kbpd in September and are set to continue into October according to Kpler.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.