Oil Products Summary at European: Gasoline Cracks Hit New 7-Month High

Gasoline cracks extends gains to a new seven-month high with a rise in implied demand and above-expectation stock draws. Meanwhile diesel cracks hold steady after an unexpected stock build.

• US gasoline crack up 1.1$/bbl at 32.32$/bbl
• US ULSD crack up 0.5$/bbl at 32.89$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Mar 08: Gasoline stocks -5,662 vs Exp -1,620: Implied mogas demand +31, Distillate stocks +888 vs Exp -704, Implied dist demand -699, Tot product stocks -3,191
• Ukrainian strikes on Russia’s energy infrastructure have damaged facilities that hold around 10% of the country’s oil processing capacity, according to DNB Markets' estimates.
• Rosneft’s Ryazan refinery has shut down two primary oil refining units after a Ukrainian drone attack last night according to two Reuters sources.
• The independent 5.6m tons/year Novoshakhtinsk refinery in Russia’s southern Rostov region has halted operations after a drone strike according to regional governor Vasily Golubev.
• Domestic gasoline prices in Russia have risen to their highest level since September, despite a six-month ban on exports commencing March 1.
• An ultracracker unit at Marathon Petroleum’s 593kb/d Galveston Bay refinery in Texas had an upset on Mar. 12 according to a filing with the Texas Commission on Environmental Quality.
• China’s refined oil production is expected to jump in Q2 amid less extensive state-owned refinery maintenance and resilient demand, according to OilChem.
• Oil product stocks in the Port of Fujairah, UAE, fell 3.2% w/w to a three-week low for the week ended March 11 according to official data.