OIL PRODUCTS: Oil Products End of Day Summary: Cracks Climb

US cracks are trading higher today, supported by a rise in sentiment across the oil complex.

• US gasoline crack up 0.6$/bbl at 27.7$/bbl
• US ULSD crack up 0.7$/bbl at 25.81$/bbl
• ARA oil product stockpiles according to Insights Global: Inventory type, latest level, weekly change (all in kmt) as follows: Gasoline: 1,292, +85, Naphtha: 554, -42, Gasoil: 2,083, -13, Fuel Oil: 1,145, -60, Jet Fuel: 766, -107
• ExxonMobil’s 564,440 bpd Baytown refinery has reported planned maintenance activities via community alerts.
• Marathon Petroleum on Thursday reported flaring at its 365,000 b/d refinery in Carson, California, according to a regulatory filing on Thursday.
• Crude deliveries to Algerian state-owned Sonatrach’s 198k b/d Augusta refinery in Italy were higher April, but it appears a full restart from planned works will take longer than expected, Argus said.
• Indonesia’s Karimun terminal has ramped up imports of Russian oil products to become a key transshipment hub, Reuters reports.
• Total oil product stockpiles at Singapore fell by 1.54m bbls w/w to 42.9m bbls as of May 7, down for a second week, according to Enterprise data.
• Asian crude refining margins have widened to a two-year high due to peak seasonal demand over summer, according to Sparta Commodities cited by Bloomberg.
• Crude storage capacity utilisation rates among Shandong Independent refineries rose 0.4 percentage points on the week to 41.8% for the seven days to May 9, OilChem said.
• China’s road traffic congestion in China’s 15 key cities fell sharply during the May Labour Day holiday, BNEF said.