OIL PRODUCTS: Oil Products Summary At European Close: Cracks Diverge
May-01 15:22
US cracks are mixed with gasoline higher amid supportive implied gasoline demand data in yesterday’s EIA report. Diesel is extending a decline after an unexpected stock build in EIA data yesterday.
- US ULSD crack down 0.4$/bbl at 25.69$/bbl
- US gasoline crack up 0.3$/bbl at 26.93$/bbl
- US 321 crack up 0.1$/bbl at 26.53$/bbl
- EIA Weekly US Petroleum Summary - w/w change week ending Apr 25: Gasoline stocks -4,003 vs Exp -1,350, Implied mogas demand -316, Distillate stocks +937 vs Exp -1,732, dist demand -353
- ExxonMobil is working to resolve an issue that occurred earlier this week at its 251,800 bpd Joliet refinery in Illinois the company said on Wednesday.
- Nigeria’s Dangote refinery imported 358k b/d of crude in April, down from 444k b/d in March, according to tanker-tracking data cited by Bloomberg.
- Mexico’s Dos Bocas is in a progressive startup phase to restore its operations after an incident caused a temporary shutdown last week, the oil producer said on Wednesday.
- OMV Petrom will carry out maintenance on the Petrobrazi refinery in Romania in Q2, according to its Q1 earnings call this week.
- China’s road traffic congestion in China’s 15 key cities rose 7.8 percentage points in the seven days to April 30, BNEF said.
- Total implied jet fuel demand across North America is set to fall 0.9% in the week to May 5 at 1.72m b/d. This puts it up around 4.7% year-on-year.
- Global implied passenger jet fuel demand in the week to May 5 is seen at 6.86m b/d, up just 0.1% the week and up around 5.5% year-on-year, BNEF said.
- The jet fuel derivative forward curve has sustained an overall contango for over three weeks since April 8, Platts said.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSY OPTIONS: May'25 10Y Put Sale
Apr-01 15:18
- -12,000 TYK5 111 puts, 27 vs. 111-22.5/0.35%; appr vol 6.29%
US DATA: Private Sector Leads Construction Rebound In February
Apr-01 15:18
US construction spending rebounded in February after a weak January, rising 0.7% M/M (vs 0.3% expected, -0.5% prior downward rev from -0.2%). That brought nominal spending to an all-time high $2.196T (on a seasonally-adjusted, annualized basis).
- Private sector activity drove the rebound, up 0.9% M/M from -0.7% prior in what may have been a bounce from a January marred by bad weather and potentially other factors including the southern California wildfires.
- Residential construction rebounded 1.3% after -1.2%, with non-residential up 0.4% after -0.2%.
- In the subcategories, manufacturing construction has failed to regain traction after 4 consecutive negative/flat months, though at least posted 0.1% growth in February. Nonresidential ex-manufacturing construction in contrast jumped 0.5% after -0.1% prior.
- Given ongoing cost-cutting initiatives at the federal level, there will be increasing focus on public sector construction (roughly one-quarter of the national total), but no sign so far after 0.2% M/M growth for the 2nd consecutive month.
- Overall momentum remains positive for private sector construction (+4.5% 3M/3M ann), though public sector spending is waning (2.0% after double-digit growth in Q4).
- It's worth noting however that construction in manufacturing has been flagging (-2.0% 3M/3M annualized was the weakest since Nov 2020), after very strong gains in 2022-23.
FED: US TSY 14D AUCTION: NON-COMP BIDS $129 MLN FROM $50.000 BLN TOTAL
Apr-01 15:15
- US TSY 14D AUCTION: NON-COMP BIDS $129 MLN FROM $50.000 BLN TOTAL
