OIL PRODUCTS: Oil Products Summary At European Close: Cracks Diverge

US gasoline cracks are extending gains today and are on track for weekly gains after a supportive EIA data release this week. US diesel cracks are facing continued pressure from another drop in implied demand data this week. 

• US ULSD crack down 0.4$/bbl at 24.38$/bbl
• US gasoline crack up 0.1$/bbl at 24.87$/bbl
• US 321 crack down 0$/bbl at 24.71$/bbl
• China’s oil product export quota has been issues at 12.8 million metric tons – down  by 1.2 million tons from a year earlier according to JLC on Friday.
• The second batch of export quotas will be bearish for LSFO cracks as it will increase supplies in Asia, Platts said.
• However, Platts see the quotas as neutral for gasoline, diesel, and jet fuel cracks due to poor export margins cutting the volumes being sent to overseas markets.
• China’s air travel demand growth appeared to slow in February, compared to the same month in 2024, based on data from China’s Civil Aviation Industry.
• Helleniq Energy’s Elefsina refinery in Greece started maintenance work on Friday according to the company.
• The Lavera 210kb/d oil refinery in southern France, operated by Petroineos, delayed a unit restart until Friday March 28, according to a local alert.