Oil Products Summary at European Close: Gasoline Down Marginally

Gasoline cracks have edged down slightly on the day, although remain supported by signs of recovering demand and below-normal stock levels.

• EU Gasoline-Brent down 0.1$/bbl at 23.91$/bbl
• US ULSD crack down 0.8$/bbl at 30.02$/bbl
• Oil product stockpiles in ARA according to Insights Global: Inventory type, latest level, weekly change (all in thousand metric tons) as follows: Gasoline: 1,242, +8, Naphtha: 477, +97, Gasoil: 2,046, -60, Fuel Oil: 1,513, +6, Jet Fuel: 769, -6
• TotalEnergies shut the 220kbpd CDU and 97kbpd VDU at the 219kbpd Donges refinery in France on 20 March, according to WoodMac.
• Industrial action in Finland reduced exports from the country’s terminals and could further cut supply to filling stations if they continue, Neste said.
• A record volume of Russian fuel oil is set to reach Asia in March to countries including China, India and Singapore, according to preliminary data from Kpler.
• The prompt diesel time spread in Asia has fallen to the narrowest backwardation since last June amid strong China and South Korea supplies to the region according to Bloomberg.
• Shipping disruptions due to attacks by Houthi rebels in the Red Sea have boosted fuel demand amid longer voyage times, according to Vitol, cited by Argus.
• The utilisation of tankers carrying Russian fuel oil has declined compared to highs in Q2 2023 according to Vortexa.
• European oil refinery output increased 0.7% month on month in February to 9.785mb/d according to Euroilstock data.