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

Diesel cracks have held on to losses from yesterday, while gasoline cracks are on the rise. Both products are on track for weekly gains, supported by rises in implied demand on the week and expectations of a busy maintenance season.

• US ULSD crack down 0$/bbl at 29.02$/bbl
• US gasoline crack up 0.9$/bbl at 15.87$/bbl
• US 321 crack up 0.6$/bbl at 20.26$/bbl
• RBOB MAR 25 up 1% at 2.07$/gal
• Delek CEO said it will be a busy first half of 2025 for refinery maintenance.
• Pemex’s Deer Park refinery in Texas plans to carry out a major 6-week turnaround at its 340k b/d refinery along the Houston Ship Channel, according to person with knowledge of the situation.
• Middle East diesel exports have found pace in 2025 at ~1.8mn bpd in January according to Vortexa while signalling a more westbound trend.
• Local production of gasoline and gasoil from independent refineries in Shandong province is expected to improve in March, according to an OilChem survey.
• Japan’s ENEOS has halted operations on the CDU 2 at its Kawasaki refinery according to Bloomberg sources.
• Singapore’s middle distillates stocks rose 13% w/w despite higher net exports, Enterprise Singapore data showed. Diesel/gasoil and jet fuel/kerosene inventories stood at 10.36m bbl on Feb. 5, compared to 9.17m bbl the week prior.
• Singapore's LSFO imports from the West are expected to fall to around 1.6m-1.7m mt in February, Platts said.
• Nigeria’s Dangote refinery now operating at 550k b/d output and has exported two cargoes of aviation fuel to Aramco, marking a key milestone, IntelliNews reports.