OIL PRODUCTS: Oil Products Summary at European Close: Diesel Cracks Soften

Apr-10 15:38

Diesel cracks have sunk after EIA data showed a stock build following falls in implied demand. This is despite uncertainty around Russia’s refinery output.

  • US ULSD crack down 0.2$/bbl at 26.88$/bbl
  • US gasoline crack up 0.2$/bbl at 30.37$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Apr 05: Gasoline stocks +715 vs Exp -1,838, Implied mogas demand -624, Distillate stocks +1,659 vs Exp -977, Implied dist demand -510
  • TotalEneries 238kbpd Port Arthur, Texas, refinery shut a distillate hydrotreater, Unit 855, after a unit upset on Monday according to a TCEQ report.
  • Europe's 16 nations oil inventories rose by 33mbbl on the month to 1,015mbbl in March according to Euroilstock data.
  • Russia’s Orsk refinery has declared force majeure on fuel supply from April 8 after recent flooding hit the facility according to Reuters reports.
  • Lukoil’s damaged NORSI refinery in Russia expects to have its CDU-6 primary unit and catalytic cracker back in operation in Q2 following maintenance a source told Reuters.
  • Lukoil plans to recommission the AVT-6 catalytic cracking units at the Nizhny Novgorod refinery in Q2, once spring maintenance has concluded, a Lukoil source told Interfax.
  • The Kremlin is considering easing some of the rigorous fuel environmental standards and bringing lower-quality gasoline onto the market to stave off possible shortages, Reuters said.
  • Russian Deputy PM Alexander Novak instructed Russian oil companies to maximize gasoline and diesel supplies to the domestic market.
  • Turkey’s clean product exports have surged in 2024, sending much higher volumes into Northwest Europe according to Vortexa figures.

Historical bullets

GILTS: Consultation Agenda: Syndications

Mar-11 15:35
  • Second half of April expected for new/existing long conventional (we pencil in W/C 22 April)
  • Second half of June expected for meidum conventional (we had originally pencilledi n W/C 10 June, but now think W/C 17 June looks more likely).
  • There is no guidance on maturities. Note that we expect a Jan-37 gilt for the medium syndication.

US TSYS: US TSY 13W BILL AUCTION: HIGH 5.250%(ALLOT 33.87%)

Mar-11 15:32
  • US TSY 13W BILL AUCTION: HIGH 5.250%(ALLOT 33.87%)
  • US TSY 13W BILL AUCTION: DEALERS TAKE 49.66% OF COMPETITIVES
  • US TSY 13W BILL AUCTION: DIRECTS TAKE 6.31% OF COMPETITIVES
  • US TSY 13W BILL AUCTION: INDIRECTS TAKE 44.02% OF COMPETITIVES
  • US TSY 13W BILL AUCTION: BID/CVR 2.53

US TSYS: US TSY 26W BILL AUCTION: HIGH 5.100%(ALLOT 76.61%)

Mar-11 15:32
  • US TSY 26W BILL AUCTION: HIGH 5.100%(ALLOT 76.61%)
  • US TSY 26W BILL AUCTION: DEALERS TAKE 32.62% OF COMPETITIVES
  • US TSY 26W BILL AUCTION: DIRECTS TAKE 6.01% OF COMPETITIVES
  • US TSY 26W BILL AUCTION: INDIRECTS TAKE 61.37% OF COMPETITIVES
  • US TSY 26W BILL AUCTION: BID/CVR 2.95