Diesel crack spreads have reversed yesterday’s gains, while gasoline cracks are also weaker, the latter facing pressure from rising US stocks and a dip in implied demand this week.
- US gasoline crack down 0.4$/bbl at 13.44$/bbl
- US ULSD crack down 0.5$/bbl at 25.14$/bbl
- The Mediterranean and northwest Europe will require a significant reduction in refining capacity for gasoline by 2030 due to a surplus, according to Kpler cited by Bloomberg.
- A 200k b/d crude-distillation unit was shut at BP’s Rotterdam refinery early Friday Bloomberg reports.
- China’s private teapot refiners are facing further narrowing of discounts on Iranian oil due to scarce supply and limited shipping options amid US vessel sanctions, according to Bloomberg.
- Pemex restarted the Dos Bocas refinery up to 35% of capacity on Nov 20, according to Bloomberg sources.
- The East/West naphtha spread is set to remain wide in Q4 according to Kpler.
- Russia’s Lukoil is restoring operations on the catalytic cracker at its Norsi refinery sources told Reuters on Friday in a move that should restore gasoline production at the facility.
- Russia is preparing to lift its gasoline ban according to Deputy Prime Minister Alexander Novak on Friday according to Interfax reports.
- Petrobras plans to carry out maintenance at five of its 10 oil refineries in Brazil in 2025, according to its five-year business plan.
- Growing fleet capacity and stable Panama Canal flows have kept Very Large Gas Carrier freight rates from Houston-NWE and the Med subdued at over 1-month lows, Platts said.
- Hong Kong’s Cathay Pacific passenger traffic rose 10.44% on the month and 19.6% on the year to 2.01m passengers in October, the company said, cited by Platts.
