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Oil Products Summary at European Close: Gasoline Cracks Fall

OIL PRODUCTS

Gasoline cracks are trading lower today, following yesterday’s expected build in stocks. The robust stocks are countering a slight uptick in the four-week gasoline demand, which is slightly above levels seen this time in 2022.

  • RBOB JAN 24 down -1.8% at 2.16$/gal
  • US gasoline crack down -0.9$/bbl at 17.32$/bbl
  • Gasoil JAN 24 down -1.2% at 788.75$/mt
  • US ULSD crack up 0.3$/bbl at 38.68$/bbl
  • ARA oil product stockpiles according to Insights Global - Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 983, -70; Naphtha: 265, -20; Gasoil: 1,749, -39; Fuel Oil: 1,232, +27; Jet Fuel: 714, -14
  • Nigeria’s Port Harcourt oil refinery is set to restart next month according to Bloomberg reports with an initial capacity of 60,000 bpd.
  • CDU capacity utilisation rates at Shandong’s independent refineries averaged 56.99% in the week to Dec. 21, according to OilChem.
  • Asia’s naphtha market is likely to stay under pressure in 2024 amid squeezed olefin margins, although some support should come from gasoline demand, Platts said.

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