US cracks are higher on the day. Gasoline cracks are extending gains seen in recent weeks, while diesel cracks are offsetting of the losses seen in recent sessions. However, diesel cracks remain well below the $26/b level seen in late-March.
- US gasoline crack up 0.7$/bbl at 25.39$/bbl
- US ULSD crack up 0.6$/bbl at 24.96$/bbl
- EIA storage change surveys: Gasoline: -1.5m (Bbg), -1.4m (WSJ) -1.7m (Reuters). Distillates: -0.4m (Bbg), -0.6m (WSJ), -1.0m (Reuters). Ref Runs: +0.5 (Bbg), +0.3 (WSJ), +0.7 (Reuters).
- Distillate stocks are seen down 1.1mbbl and gasoline stocks to draw 1.9mbbl. Refinery runs are expected up 0.7 percentage points.
- The FCC at Motiva’s 626,000 bpd Port Arthur refinery in Texas is expected to remain shut for another two weeks following a second unsuccessful restart attempt at the weekend Reuters sources said on Monday.
- Russia’s weekly refinery runs in the week of March 20-26 rose by almost 32k b/d from the previous week to the highest level in five weeks, Bloomberg reports.
- Indian refiners are seeking non-Russian barrels from the spot market to reduce their reliance on Russian oil after Trump raised the prospect of secondary tariffs, Bloomberg reports.
- India’s diesel and gasoline sales increased in March rose from February, data from state-run Indian Oil and Bharat Petroleum and Hindustan Petroleum showed cited by Bloomberg.
- CDU capacity utilisation rates at China’s state-owned refineries are expected to fall further in the week to April 3, according to OilChem.
- Global implied passenger jet fuel demand in the week to April 7 is seen at 6.89m b/d, up 4.6% on the week and up around 5.8% year-on-year, BNEF said.