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Oil Products Summary at European Close: Gasoline Crack Rises

OIL PRODUCTS
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Gasoline cracks are maintaining today’s gains following a modest US stock draw and slight recovery in demand. However, low distillates demand still weighs on diesel despite another gain on the week.

  • US gasoline crack up 0.8$/bbl at 26.17$/bbl
  • US ULSD crack down 0.2$/bbl at 23.42$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending May 10: Gasoline stocks -235 vs Exp +724, Implied mogas demand +78, Distillate stocks -45 vs Exp +505, Implied dist demand +342.
  • Global gasoline demand will remain robust this summer despite recent market signs of weakness, according to Rystad Energy cited by Bloomberg.
  • The 220kbpd Bilbao oil refinery is starting a two-month shutdown for maintenance expected until the second half of July, according to operator Petronor.
  • ExxonMobil has finished annual maintenance at its 250,000 bpd Joliet refinery in Illinois according to Reuters sources.
  • CVR has restarted several key units at its 75,000 bpd Wynnewood, Oklahoma refinery and expects normal operations by the end of Q2 Argus reports.
  • Phillips 66’s Wood River oil refinery in Illinois had a compressor trip at 3:30am local time on May 14, according to an Illinois Emergency Management Agency filing.
  • China’s Hualu Engineering has signed a deal to develop Iraq’s 300,000 bpd Al-Faw refinery according to INA reports.
  • The Dung Quat refinery in Vietnam is running at full capacity after being shut down for major maintenance from mid-March according to company officials.
  • Jet Fuel demand in Europe is set to rise amid a surge in flight numbers according to Rystad Energy.
  • China’s gasoline price drop will slow in late May due to more intensive refinery maintenance and a narrow oversupply, despite an overall bearish picture, OilChem said.
  • Oil stocks in Fujairah have dropped to a two-month low according to Fujairah Oil Industry Zone Data.
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Gasoline cracks are maintaining today’s gains following a modest US stock draw and slight recovery in demand. However, low distillates demand still weighs on diesel despite another gain on the week.

  • US gasoline crack up 0.8$/bbl at 26.17$/bbl
  • US ULSD crack down 0.2$/bbl at 23.42$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending May 10: Gasoline stocks -235 vs Exp +724, Implied mogas demand +78, Distillate stocks -45 vs Exp +505, Implied dist demand +342.
  • Global gasoline demand will remain robust this summer despite recent market signs of weakness, according to Rystad Energy cited by Bloomberg.
  • The 220kbpd Bilbao oil refinery is starting a two-month shutdown for maintenance expected until the second half of July, according to operator Petronor.
  • ExxonMobil has finished annual maintenance at its 250,000 bpd Joliet refinery in Illinois according to Reuters sources.
  • CVR has restarted several key units at its 75,000 bpd Wynnewood, Oklahoma refinery and expects normal operations by the end of Q2 Argus reports.
  • Phillips 66’s Wood River oil refinery in Illinois had a compressor trip at 3:30am local time on May 14, according to an Illinois Emergency Management Agency filing.
  • China’s Hualu Engineering has signed a deal to develop Iraq’s 300,000 bpd Al-Faw refinery according to INA reports.
  • The Dung Quat refinery in Vietnam is running at full capacity after being shut down for major maintenance from mid-March according to company officials.
  • Jet Fuel demand in Europe is set to rise amid a surge in flight numbers according to Rystad Energy.
  • China’s gasoline price drop will slow in late May due to more intensive refinery maintenance and a narrow oversupply, despite an overall bearish picture, OilChem said.
  • Oil stocks in Fujairah have dropped to a two-month low according to Fujairah Oil Industry Zone Data.