Oil Products Summary at European Close: Gasoline Cracks Rebound

Gasoline cracks have tracked crude in rebounding after better US jobless data assuages some concerns of a coming recession.

• US gasoline crack up 0.2$/bbl at 24.19$/bbl
• US ULSD crack down 0.8$/bbl at 22.74$/bbl
• Initial jobless claims were lower than expected in the week to Aug 3, at a seasonally adjusted 233k (cons 240k) as they retreated from a slightly upward revised 250k (initial 249k).
• ARA oil product inventories according to Insights Global, Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,007, -62, Naphtha: 404, -6, Gasoil: 2,071, +58, Fuel Oil: 1,362, -31, Jet Fuel: 882, -45
• ExxonMobil’s 251,800 bpd refinery in Illinois has restarted select units three weeks after it lost power because of a storm the company said.
• The UK’s Lindsey refinery is restarting this week after planned turnaround according to Bloomberg communications with Prax.
• Singapore’s onshore fuel oil stockpiles narrowly rose to a two-week high, government data showed on Thursday.
• Jet fuel crack spreads in Europe and the USGC have retreated for a spike in the wake of Russia’s invasion of Ukraine, Platts said.
• Asia’s jet fuel demand may taper off in H2 due to the fading impact of post-pandemic aviation demand normalisation, Platts said.