Gasoline cracks are trading lower today, under general pressure from ample supplies and expectations of a US stock build. Diesel cracks have strengthened. Surveys expect a distillate stock draw last week.
- US gasoline crack down 0$/bbl at 13.32$/bbl
- US ULSD crack up 0.4$/bbl at 22.85$/bbl
- US gasoline inventory change surveys: +0.55m bbl (Bloomberg), +0.5m bbl (Reuters), 0 (WSJ).
- US distillates inventory change surveys: -0.98m bbl (Bloomberg), -1.4m bbl (Reuters), -1.3m bbl (WSJ).
- US refiner Phillips 66 plans to operate its refineries between the low to mid 90% range of combined capacity 1.5m b/d in Q4, the company said.
- Nigeria’s Dangote refinery is processing at a rate of 420,000 bpd its owner Aliko Dangote said on Tuesday Bloomberg reports.
- A new rule aimed at cutting shipping pollution in the Mediterranean is set to help prop up Europe’s ailing diesel demand, Bloomberg said.
- In the U.S., crude oil and gasoline stockpiles likely rose last week, while distillate inventories were seen down, a preliminary Reuters poll showed on Monday.
- Phillips 66 says Q4 crude utilization to be low-to-mid 90%, according to Bloomberg headlines.
- Austrian oil and gas firm OMV said refining margins started Q4 a little below $6/bbl, compared with a Q3 margin of $5/bbl while cutting its full year forecast to about $7/bbl.
- Chinese refiners are planning to export 2.54m tons of oil products in November, according to OilChem, around 12% lower than October.
- Indian refiners' throughput rose more than 4% y/y in September to 5.17mn bpd according to government data.
- Asia’s jet-fuel complex soared as the front-month structure jumped 165.31% on the week to a nine-month high at the Asian close Oct. 28, driven by increased buying activity and a slash in China’s exports, Platts said.
