April 26, 2024 15:54 GMT
Oil Products Summary at European Close: Further Weakness for Gasoline
OIL PRODUCTS
Oil Products Summary at European close: Gasoline cracks show further signs of weakness following poor economic signals and sluggish demand figures from both the EIA and GasBuddy/OPIS.
- US 321 crack down -0.2$/bbl at 28.78$/bbl
- US gasoline crack down -0.3$/bbl at 31.15$/bbl
- US ULSD crack down 0$/bbl at 24.03$/bbl
- Physical diesel cracks in northwest Europe are set to weaken over coming weeks then stay flat through the summer, according to Mark Williams at Wood Mackenzie.
- US refinery Valero expects to ramp up fuel exports to Mexico later this year with the start up of the new 1.1mn barrels oil terminal in Altamira, the firm said during the Q1 earnings call.
- Russian gasoline and diesel production has stabilised in April, the Russian government said on Thursday, cited by Reuters.
- Marathon’s 291kbpd Catlettsburg refinery in northeastern Kentucky is restarting all units after a power loss on 23 April, sources told Bloomberg.
- China’s commercial gasoline stockpiles increased by 5.5% week on week to 11.9mn tons as of 25 April, the highest level since 8 February according to OilChem.
- Almost 1.2mbd of diesel/gasoil is expected to arrive into the Atlantic Basin this month from the East of Suez, a strong 300kbd m/m increase according to Vortexa.
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