April 30, 2024 15:23 GMT
Oil Products Summary at European Close: Gasoline Cracks Weaker
OIL PRODUCTS
US gasoline cracks have slipped further during the day, as signs of a drop in recent demand add some downside.
- US gasoline crack down 1.2$/bbl at 31.02$/bbl
- US ULSD crack down 0.3$/bbl at 24.17$/bbl
- European gasoline exports recover in April from a multi-year low in March according to Kpler.
- Mexico’s Pemex increased its gasoline and diesel output by 32% in March y/y and cut its road fuel imports by 25% y/y.
- Mexico has seen an HSFO output surge as it ramps runs higher, resulting in record flows of the grade to the USGC, an area expected to remain the main recipient for the foreseeable future according to Platts sources.
- China’s fuel-oil imports climbed to a 10-month high in April, according to Kpler.
- Singapore is expected to receive around 1.3 million-1.4 million mt of LSFO from the West in May - down from about 1.8 million mt scheduled for April according to Platts trade sources.
- APAC air passenger volume rose 37.5% on the year and 4.18% on the month to 28.17m in March, according to Platts citing data from the Association of Asia Pacific Airlines.
184 words