Oil Products Summary at European Close: Gasoline Cracks Lower

Gasoline crack spreads are edging lower during European hours, amid healthy supplies and signs of weaker US demand.

• US gasoline crack down 0.2$/bbl at 22.71$/bbl
• US ULSD crack up 0.4$/bbl at 21.95$/bbl
• Rosneft’s Tuapse refinery was damaged following a Ukrainian drone strike early on Monday according to Russian officials.
• A fire at Rosneft’s Tuapse refinery caused by a Ukrainian drone attack has been extinguished. A total of 75 drones were intercepted and destroyed over Russia on Monday morning.
• The wholesale price of Russian high-octane Ai-95 gasoline jumped by around 44% in the past month and a half, close to an all-time peak, Reuters said.
• TotalEngies 109,000 bpd Feyzin refining complex in France had a production unit glitch on July 19 according to an official statement.
• U.S. retail gasoline demand fell 0.5-1.0% for the week ending July 20 (Sun-Sat), according to GasBuddy estimates.
• U.S. oil refiners are expected to have about 579,000 bpd of refinery capacity offline in the week ending July 26 according to IRR Energy.
• The 265kb/d Phillips 66 Sweeny refinery and petrochemical complex, Texas reported planned maintenance on control equipment at unit 27.1, according to Reuters citing a Texas Commission on Environmental Quality filing.
• Nigeria’s Dangote refinery will hit 550,000 bpd production this year its CEO said on Saturday.
• Nigeria’s Dangote refinery is in talks with Libya and Angola to secure crude supplies as its mega refinery seeks to boost production.
• CDU capacity utilisation rates at China’s state-owned refineries are expected to rise in the week to July 25, according to OilChem, as Dushanzi Petrochem continues ramping up after maintenance.
• Global airline passenger capacity is set to rise to 123.62m seats in the seven days commencing from July 22, OAG said.