Oil Products Summary at European Close: Gasoline Crack Rises

Gasoline crack spreads dipped slightly from a peak late yesterday. They still maintain most of the gains seen after a rally up to the highest level since September as US refinery outages remain high. The potential remains that some recent shutdowns due to severe weather run into an expected heavy spring maintenance season.US gasoline crack up 0.3$/bbl at 19.18$/bbl

• US ULSD crack down -0.7$/bbl at 37.44$/bbl
• European refinery maintenance for the first half of 2024 will peak at about 1.2mn bpd in April according to an Energy Aspect forecast.
• ExxonMobil’s Baton Rouge refinery began a planned overhaul on its FCC and hydrocracker on Saturday according to Reuters sources.
• TotalEnergies 238kbpd Port Arthur oil refinery in Texas has had water supply restored according to Reuters sources.
• UAE’s ADNOC has sold more straight run fuel from its Ruwais refinery this month via private sales according to Reuters sources.
• Fuel tanker rates on key trade routes are soaring as Houthi attacks continue to disrupt Red Sea shipping according to Bloomberg.
• The latest OPIS US gasoline demand survey places last weeks implied demand levels at around 7.78mn bpd, a sharp drop from the week prior and also versus historical levels.
• Drone attacks on Novatek’s Ust-Luga plant in Russia have supported naphtha prices to their highest level in three months.
• Implied global passenger jet fuel demand is set to fall by 0.8% in the week to Jan. 29 to around 6m b/d, according to BNEF.