OIL PRODUCTS: Oil Products Summary at European: Cracks Ease Back

Diesel and gasoline cracks have pared some earlier gains after larger than expected stock builds and with a drop in weekly implied demand data.

• US 321 crack up 0.5$/bbl at 17.44$/bbl
• US gasoline crack up 0.6$/bbl at 13.26$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Dec 27: Gasoline stocks +7,717 vs Exp +356, Implied mogas demand -840, Distillate stocks +6,406 vs Exp -595, Implied dist demand -1,021
• European ARA stocks according to Insights Global: Gasoil: +294 mt to 2,507k mt, Gasoline: +55k mt to 1,411k mt, Fuel Oil: +7k at 1,479k mt,  Fuel: -22k mt to 853k mt, -82k mt to 474k mt
• A large fire at Valero’s 89kb/d Three Rivers refinery in Texas was extinguished on the evening of Jan. 1, according to local media.
• Oil inventories in the UAE’s Port of Fujairah ended 2024 with a 17% decline in the week to Dec. 30, resulting in a total decline of 10% year-on-year for 2024, Platts said.
• Singapore total oil inventories have fallen for a second week by 1.2mbbl in the week to Jan. 1 to 45.85mbbl, according to Enterprise data.
• China’s gasoil demand will continue to fall in Jan 2025 amid slowing outdoor projects in anticipation of the coming Chinese New Year holiday, according to OilChem.
• China will raise retail gasoline and diesel prices from Jan. 3 based on changes in its international oil prices, according to Xinhua, cited by Bloomberg.
• India’s gasoline and diesel sales fell on the month but increased year on year in December, data from state-run Indian Oil and Bharat Petroleum and Hindustan Petroleum showed cited by Bloomberg.