Oil Products Summary at European Close: Gasoline Crack Slides Further

Gasoline cracks continue to edge lower today, with continued pressure from building stocks and weaker demand.

• US gasoline crack down 0.1$/bbl at 24.83$/bbl
• US ULSD crack up 0.5$/bbl at 23.19$/bbl
• Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 890, -103, Naphtha: 517, +64, Gasoil: 2,257, +32, Fuel Oil: 1,585, +39, Jet Fuel: 911, +40
• U.S. retail gasoline prices could rise to nearly $4/gal in October if the Hurricane Season is extreme according to Goldman Sachs.
• A fire has been extinguished at the Novoshakhtinsk oil refinery in Russia's Rostov region which had been attacked by a Ukrainian drone.
• Onshore fuel oil stocks in Singapore rose for a second straight week, climbing 7.7% to 18.86m bbl in the week ended June 5.
• China’s implied refinery runs declined for the third straight month to 14.5mbd in May, marking a year-on-year contraction for four consecutive months according to Vortexa calculations.
• China’s road congestion continued to be stable in the week to June 5, ticking up around 1%, according to BNEF. This put congestion levels at around 139% of January 2023 levels.