Diesel cracks have dipped amid ongoing soft demand and building stocks, while gasoline crack spreads have jumped amid higher weekly implied demand.

• US gasoline crack up 0.6$/bbl at 13$/bbl
• US ULSD crack down 0.9$/bbl at 22.15$/bbl
• Shell’s 400,000 bpd Pernis refinery in Rotterdam has completed maintenance according to an official statement on Wednesday.
• EIA Weekly US Petroleum Summary - w/w change week ending Nov 29: Gasoline stocks +2,362 vs Exp -105, Implied mogas demand +232, Distillate stocks +3,383 vs Exp -70, Implied dist demand -320
• Oil product stockpiles at the Port of Fujairah jumped nearly 23% w/w in the week ended Dec.2 to 17.487mn bbls – the highest since Sep. 16 according to Fujairah Oil Industry Zone data.
• China’s announcement it would reduce the export tax rebate on some oil products from 13% to 9% from December 1 caused a late month export push according to Kpler tracking.
• China’ gasoline exports are expected to slip through December which is proving supportive for Asian gasoline margins which are at a 5-month high.
• China’s exports of gasoline, gasoil, and jet fuel stood at 2.31m mt in November, up 6.45% on the month, OilChem said.
• A 151k b/d crude unit at Turkey’s 241.5k b/d Izmir refinery operated by Tupras is tentatively expected to restart in mid-December, IIR said.
• October’s total air passenger demand, measured in revenue passenger kilometres (RPK), was up 7.1% on the year, according to IATA.
• MNI COMMODITY WEEKLY: Oil Markets Poised for OPEC+ Extension: Read here