Oil Products Summary at European Close: Gasoline Crack Eases

Gasoline have eased back after yesterday’s strong gains to be down on the day. Meanwhile, diesel cracks are largely rangebound.

• US gasoline crack down -0.6$/bbl at 19.37$/bbl
• US ULSD crack up 0.1$/bbl at 41.81$/bbl
• US gasoline demand jumped 4.6% last week from the prior week and was 4.0% above the average of the last four weeks according to GasBuddy data.
• Russian diesel-type shipments from Primorsk increased in January to the highest on a seasonal basis since at least 2017 at 2.05m tons
• Russia's domestic petroleum products market is currently fully supplied according to Deputy Prime Minister Alexander Novak cited by Interfax.
• Russian oil refinery processing rates dropped 1.4% in January m/m due to the drone attacks and outages. Processing rates are down by 4% from a year ago according to Kommersant.
• Only one main unit remains offline at TotalEnergies 238,000 bpd Port Arthur, Texas refinery on Sunday according to Reuters sources.
• BP is continuing the assessment of the 435kbpd Whiting, Indiana, refinery on Monday following the power outage on 1 February, after which the firm will develop plans and schedules for restarting the refinery, people familiar with the matter told Reuters.
• Operations at Chevrons 245,271 bpd refinery in Richmond, California were normal Monday as high wind and rain hit the West Coast according to Reuters sources.
• India is targeting total refining capacity of 450mn t/yr (9.04 mn b/d) by 2030 from around 254mn t/yr (5.1mn b/d) currently.
• The Belgian government is aiming to pass a law tightening the fuel quality from March, as it targets the trade of low-quality gasoline and diesel to WAF.
• European refinery maintenance in 1H 2024 See PDF for the latest refinery maintenance update for Europe: https://roar-assets-auto.rbl.ms/files/59869/MNI%20Refinery%20Maintenance%20Calendar%20Europe%20.pdf