Oil Products Summary at European Close: Gasoline Cracks Retreat

Gasoline cracks have lost ground today, with the pullback tracking the fall in crude amid a stronger USD on the day. Gasoline had also been edging down after yesterday’s rise.

• US gasoline crack down 0.4$/bbl at 24.33$/bbl
• US ULSD crack up 0.2$/bbl at 24.67$/bbl
• European ARA stocks according to the latest weekly Insights Global data: Gasoil: +4 mt to 2,013k mt, Gasoline: +37k mt to 1,069k mt, Fuel Oil: -30k at 1,393k mt, Jet Fuel: -58k mt to 927k mt, Naphtha: -10k mt to 410k mt.
• Motiva’s Port Arthur facility was continuing repairs on Wednesday for its 81,000 bpd gasoline making FCC unit according to Reuters sources.
• Mexico’s imports of gasoline and diesel imports in June rose to its highest level in 2024, according to Bloomberg.
• Nigeria’s 650k b/d Dangote refinery is set to shake up international crude flows when it reaches full capacity, having already made an impact since its startup in January, Platts said.
• Onshore fuel oil inventories in Singapore dipped 1.5% to 19.56 mn bbls (3.08 million metric tons) in the week ended July 31, down for a second week, according to Enterprise Singapore data.
• Singapore middle distillate inventories were at 11.353 million barrels for the week ended July 31 - a 3% jump from 11.052 million barrels in the previous week.
• China’s road traffic congestion fell 7.3 percentage points on the week to 112.3% on Jan. 2021 levels, BNEF said.
• India’s diesel and gasoline sales fell month on month in July, data from state-run Indian Oil and Bharat Petroleum and Hindustan Petroleum showed cited by Bloomberg.