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Oil Products Summary at European Close: Gasoline Cracks Up

OIL PRODUCTS

Gasoline cracks are trading higher on the day, despite implied demand slipping back below 2022 levels for the first time since early March. Inventory draws remain supportive, with stocks on the East Coast at their lowest level since November.

  • US gasoline crack up 0.8$/bbl at 30.91$/bbl
  • US ULSD crack down 0.3$/bbl at 24.7$/bbl
  • EIA data, week ending 4/19 - Gasoline: -0.6M, mogas demand: 8.42Mbpd, Distillates: +1.6M, Refiner utilz: 88.5%
  • Chinese refiners are planning to increase oil product exports to 3.53m tons in May, according to OilChem.
  • Russian Telegram channels and news outlets have reported drone attacks on industrial and oil facilities in Russia's Voronezh, Smolensk and Lipetsk regions overnight.
  • Heavy duty trucks powered by LNG accounted for almost 30% of sales in China during March, mirroring a similar uptake in EVs around two years ago and likely to pressure diesel demand, according to OilChem.
  • Kazakhstan’s Shymkent refinery has completed scheduled maintenance work at its primary oil refining complex, according to Bloomberg
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