Oil Products Summary at European Close: Gasoline Crack Stable

Gasoline cracks are largely stable on the day, although the general trend in prices points to a slow recovery observed since mid-October with some recent demand support. The US crack is up to the highest since late September. The US crack has traded between $12.41/b and $13.27/b today.

• Diesel cracks are again softer amid the wider market concern for global demand growth.
• US gasoline crack down -0.1$/bbl at 13.04$/bbl
• RBOB DEC 23 down -2.8% at 2.17$/gal
• US ULSD crack down -2$/bbl at 41.23$/bbl
• Gasoil NOV 23 down -3.4% at 856.25$/mt
• Run rates at US refiners to ease back this quarter after the high summer levels amid weak gasoline margins, turnarounds and with a greater shift to producing distillates according to Reuters.
• China’s oil product exports including gasoline and diesel fell to the lowest in four months in October driven by a lack of export quotas although were up 16.1% on last year.
• China refined product exports are nearing 90% of the current quota batch according to Kpler with no further batch expected to be announced this year.
• Kazakhstan’s Atyrau refinery has completed scheduled maintenance and is now operating at design capacity, according to Interfax citing a press release by principal owner KMG.
• The new HPCL 9m ton per year refinery in Barmer in Rajasthan will be mechanically completed by March and aiming to run at full capacity by 2025 according to Finance Director Rajneesh Narang via Bloomberg.