Oil Products Summary at European Close: Gasoline Cracks Rise

European Gasoline cracks continue to rebound on the day, as falling crude prices outpace the weakness in gasoline.

• EU Gasoline-Brent up 0$/bbl at 6.4$/bbl
• EU Gasoil-Brent up 0.5$/bbl at 28.08$/bbl
• Gasoil NOV 23 down -1.6% at 918.75$/mt
• RBOB NOV 23 down -0.5% at 2.36$/gal
• The current 27$/bbl difference between gasoline and diesel margins is near all-time highs but could spike to 40$/bbl or higher by February according to Bloomberg Intelligence.
• China’s planned exports of refined products are expected to be 2.51m mt in November, down 39.7% on October levels, according to OilChem.
• Venezuela’s Houston based Citgo Petroleum will end up in the hands of one or more of the largest refiners operating in the US according to Reuters sources as creditors seek to have long-standing debts repaid by the company.
• Partial operations have resumed at Kazakhstan’s Atyrau refinery, with full capacity expected to return in the first ten days of November, according to Interfax citing the press department of the refinery’s principal owner KMG.
• GasBuddy places US gasoline demand at 8.7mn bpd last week, falling 1.8% from the week prior and 0.2% below the four-week average.
• Global airline passenger capacity fell by 1.1m seats to 108.3m in the week commencing Oct. 23, according to OAG, down 1.1% on the week.
• Global passenger jet fuel demand is expected to slide on the week, maintaining an eight-week consecutive decline, according to BNEF.