November 01, 2023 18:10 GMT
Oil Products End of Day Summary: Gasoline Cracks Fall on US Build
Gasoline Cracks have softened on the day after EIA data showed an unexpected small build. Gasoline stocks remained relatively unchanged on the week with stocks holding just above the five-year average.
- US gasoline crack down -0.6$/bbl at 11.59$/bbl
- US ULSD crack up 2.2$/bbl at 43.79$/bbl
- Gasoil NOV 23 up 0.8% at 889.75$/mt
- RBOB DEC 23 up 0.9% at 2.24$/gal
- A drop in gasoline production was offset by a weakening of demand on the week. The four-week average demand however gained slightly but remains near the lower end of the five-year range.
- Diesel cracks are slightly stronger following the EIA data showing a draw in distillate stocks
- EIA Weekly US Petroleum Summary - w/w change week ending Oct 27: Gasoline stocks +65 vs Exp -228, Implied mogas demand -167, Distillate stocks -792 vs Exp -1,137, Implied dist demand -387
- US refiner Citgo Petroleum, under the administration of the Venezuelan opposition, has decided against buying Venezuelan crude despite eased US sanctions in October according to Bloomberg reports.
- The recovery in APAC air travel continued in September amid a steady return of tourists driving up international passenger numbers, according to Argus citing the Association of Asia Pacific Airlines data (AAPA).
- Oil product stockpiles at the Port of Fujairah in the UAE climbed by 1.4% in the week to Oct. 30, reversing three straight weeks of declines, according to Platts citing data from the Fujairah Oil Industry Zone.