Oil Products Summary at European Close: Diesel Falls While Gasoline Rises

Diesel and gasoline cracks have gained ground following the data showing a draw in stocks and small recovery in demand. Despite the recovery, diesel remains weaker on the day, while gasoline has strengthened following its recent nadir in demand.

• US gasoline crack up 1.1$/bbl at 10.01$/bbl
• US ULSD crack down -1.3$/bbl at 44.23$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Oct 13: Gasoline stocks -2,370 vs Exp -240, Implied mogas demand +362, Distillate stocks -3,185 vs Exp -890, Implied dist demand +746.
• Chinese exports of gasoline and diesel fell last month according to customs data with supplies prioritized to meet robust domestic demand. Gasoline exports fell 21% from an eight-month high to 1.09m mt, while Diesel exports fell 6.4% from a five-month high to 1.18m mt
• ExxonMobil is planning to restart a coker at its 522.5kbpd Baton Rouge refinery in Louisiana as early as 28 October, two people familiar with plant operation said, cited by Reuters.
• Russian offline primary oil refining capacity has been revised up by 14% to 4.5mn metric tons from the previous plan according to Reuters calculations. It is still down 9% from September based on the revised number.
• DIESEL - Middle Eastern diesel shipments to Europe have fallen this month, with some being replaced by US shipments, S&P Commodity Insights data showed.
• Russian oil products seaborne exports fell to the lowest level since July 2020 to 2.1mbpd in the first two weeks of October, largely due to the effects of a recent ban on shipments of road fuels including diesel, Vortexa data, cited by Bloomberg showed.