OIL PRODUCTS: Mid-Day Oil Products Summary: Cracks Steady

Cracks are relatively steady overall though EU gasoline cracks are seeing some strength ahead of today’s ARA product inventory data. 

• US ULSD crack down 0.1$/bbl at 38.03$/bbl
• US gasoline crack up 0.2$/bbl at 18.44$/bbl
• US 321 crack up 0.1$/bbl at 24.97$/bbl
• EU Gasoil-Brent up 0.1$/bbl at 25.28$/bbl
• EU Gasoline-Brent up 0.9$/bbl at 15.29$/bbl
• The updated Insights Global European ARA product inventories will be released today around 16:15CET. Gasoil stocks fell last week to 2.180m mt after reaching the highest since March the week prior. ARA Gasoline stocks were almost unchanged on the week to remain well below the seasonal five-year seasonal average at 0.975m mt.
• Japanese oil product stocks fell 1.7% w/w across Nov. 16-Nov. 22 to 6.33m kilolitres (39.85m bbl), according to Petroleum Association of Japan data.
• Singapore onshore oil product stocks fell 5.4% w/w, or 2.661m bbls, to 46.233m bbls, according to Enterprise Singapore data cited by Reuters.
• Independent refiners in China have received their first batch of crude oil import quotas for 2026 that can be used for cargoes arriving by the end of the year, Reuters said. Nearly 8m tons was issued to 21 refiners so far, up from 6.04m tons issued in Nov 2024.
• An oil refinery in Novokuibyshevsk was targeted by a drone attack overnight, according to Astra.
• Hungary's MOL could buy a stake in Serbia's NIS refinery, Prime Minister Viktor Orban's chief of staff said on Thursday based on local news reports.