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Oil Products Summary at European Close: US Cracks Slide

OIL PRODUCTS

US diesel and gasoline cracks are pulling back today as US refining capacity is coming back online from spring maintenance.

    • US gasoline crack down 1.2$/bbl at 31.32$/bbl
    • US ULSD crack down 1.9$/bbl at 28.11$/bbl
  • Ukraine drone strikes against Russian refining facilities will support diesel but have a mixed impact on crude according to a Goldman Sachs note this week.
  • The global oil products market is tight with record volumes on tankers at sea due to the Red Sea diversions and the rerouting of Russian products according to Vitol.
  • Rising oil process due to supply concerns are likely to push US gasoline pump prices to the highest since summer 2022 to $4/gal, according to the AAA cited by Bloomberg. The current national average pump price is the highest since late October at $3.54/gal.
  • Russia's oil refining capacity shut due to Ukraine drone attacks has risen to 14% of total capacity according to Reuters calculations on Mar. 26.
  • FGE estimates Russian refinery runs to drop by around 330kbpd year on year 1H 2024.
  • Some of Neste’s gas stations in Finland are starting to run out of fuel as industrial action has halted deliveries since 11 March, Neste told Bloomberg.
  • See PDF below for the latest refinery maintenance update for Europe: https://roar-assets-auto.rbl.ms/files/60536/MNI%20EU%20Refinery%20Maintenace%20Schedule.pdf
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