OIL PRODUCTS: Oil Products Summary At European Close: Cracks Slightly Lower

Cracks are slightly lower ahead of the updated API US oil inventory data later today. 

• US ULSD crack up 0.1$/bbl at 25.24$/bbl
• US gasoline crack down 0.1$/bbl at 24.08$/bbl
• US 321 crack unchanged at 24.47$/bbl
• The API US oil inventory data is due at 16:30ET ahead of the EIA Weekly Petroleum Status Report tomorrow. A Reuters survey indicated a crude stock build of 0.9mbbl in the week ended Mar. 14. Distillate stocks are seen down 0.3mbbl and gasoline stocks to draw 2.4mbbl. Refinery runs are expected unchanged at 86.5%.
• US oil refiners are expected to have about 1.1mb/d of capacity offline in the week to March 21, decreasing available refining capacity by 409kb/d, according to IIR Energy cited by Reuters.
• Russia’s crude-oil processing fell to 5.15mb/d so far this month to March 12, which would be the lowest in five months, according to Bloomberg sources.
• Turkish refiner Tupras is diversifying suppliers as it shifts away from Russian crude, Bloomberg reports.
• Taiwan refiner CPC shut a RFCC unit at its Talin complex on Monday for unplanned maintenance, according to a company spokesperson cited by Bloomberg.
• Arrivals of conventional crude into teapots in Shandong and adjacent regions totalled 2.23m mt over Jan-Feb, a rise of 114% on the year, OilChem said.
• China's exports of diesel, gasoline and jet fuel all fell in February from last year, according to General Administration of Customs data cited by Bloomberg.