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OIL PRODUCTS: Oil Products Summary at European Close: Gasoline Cracks Soften

OIL PRODUCTS
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Gasoline cracks have continued to soften after another US inventory build yesterday. Reports of a restart to Line 1 of the Colonial Pipeline should also add pressure.

  • US gasoline crack down 0.3$/bbl at 10.48$/bbl
  • US ULSD crack up 1.4$/bbl at 31.48$/bbl
  • Bloomberg reports refiner Motiva told suppliers that Line 1 of the Colonial Pipeline had resumed Wednesday night from its Texas origin point.
  • ARA stocks according to Insights Global data: Gasoil: +91k mt to 2,563k mt, Gasoline: +6k mt to 1,537k mt, Fuel Oil: -7k at 1,454k mt, Jet Fuel: -3k mt to 838k mt, Naphtha: +38k mt to 507k mt
  • Kpler expects global refined product demand growth to rise by 0.88m b/d on the year in 2025, continuing the slowing trend seen since 2021.
  • PBF reports unplanned flaring at its 160,000 bpd Torrance refinery according to a district filing.
  • Suncor’s 85k b/d Sarnia refinery, Canada reported a process interruption at one of its units, Reuters said.
  • Global naphtha demand is expected to slow further in 2025, slipping below 200k b/d, according to Kpler’s 2025 outlook.
  • India’s diesel and gasoline sales fell in January 1-15 compared to December levels, data from state-run Indian Oil and Bharat Petroleum and Hindustan Petroleum showed cited by Bloomberg.
  • Singapore total oil inventories fell by 0.44mbbl in the week to Jan. 15 to 44.76mbbl to extend a trend since mid-December, according to Enterprise data.
  • Global passenger jet fuel demand is set to fall 4.3% in the week to Jan. 20 to 6.45m b/d, according to BNEF.
  • Air traffic recovery from Covid-19 restrictions is nearly complete, and further improvements in aircraft efficiency will furth cap demand growth, Kpler said.
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Gasoline cracks have continued to soften after another US inventory build yesterday. Reports of a restart to Line 1 of the Colonial Pipeline should also add pressure.

  • US gasoline crack down 0.3$/bbl at 10.48$/bbl
  • US ULSD crack up 1.4$/bbl at 31.48$/bbl
  • Bloomberg reports refiner Motiva told suppliers that Line 1 of the Colonial Pipeline had resumed Wednesday night from its Texas origin point.
  • ARA stocks according to Insights Global data: Gasoil: +91k mt to 2,563k mt, Gasoline: +6k mt to 1,537k mt, Fuel Oil: -7k at 1,454k mt, Jet Fuel: -3k mt to 838k mt, Naphtha: +38k mt to 507k mt
  • Kpler expects global refined product demand growth to rise by 0.88m b/d on the year in 2025, continuing the slowing trend seen since 2021.
  • PBF reports unplanned flaring at its 160,000 bpd Torrance refinery according to a district filing.
  • Suncor’s 85k b/d Sarnia refinery, Canada reported a process interruption at one of its units, Reuters said.
  • Global naphtha demand is expected to slow further in 2025, slipping below 200k b/d, according to Kpler’s 2025 outlook.
  • India’s diesel and gasoline sales fell in January 1-15 compared to December levels, data from state-run Indian Oil and Bharat Petroleum and Hindustan Petroleum showed cited by Bloomberg.
  • Singapore total oil inventories fell by 0.44mbbl in the week to Jan. 15 to 44.76mbbl to extend a trend since mid-December, according to Enterprise data.
  • Global passenger jet fuel demand is set to fall 4.3% in the week to Jan. 20 to 6.45m b/d, according to BNEF.
  • Air traffic recovery from Covid-19 restrictions is nearly complete, and further improvements in aircraft efficiency will furth cap demand growth, Kpler said.