OIL PRODUCTS: Oil Products End of Day Summary: Cracks Strengthen

US cracks have ended the day stronger. Gasoline cracks are boosted by an expected draw in stocks and diesel is supported by a rise in weekly demand, despite a marginal inventory build.

• US gasoline crack up 0.5$/bbl at 26.06$/bbl
• US ULSD crack up 0.6$/bbl at 25.68$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Mar 28: Gasoline stocks -1,551 vs Exp -1,483, Implied mogas demand -148, Distillate stocks +264 vs Exp -573, Implied dist demand +43, Ref runs -192
• The prompt ICE Gasoil time spread is finding some support today after falling to the narrowest since early January at $2/mt yesterday.
• Bloomberg reports FERC is suspending a March tariff filing by Colonial Pipeline for seven months and conducting a hearing after refiners and trading houses protested proposed operational changes to the company’s 5,500-mile fuel network.
• The Dangote refinery ramp up and removal of the West Africa export option with provide a natural cap for EBOB gasoline cracks from Q3 onwards, FGE said cited by Bloomberg.
• Canada gasoline prices slide on removal of consumer carbon tax: Reuters. Patrick De Haan writes on X, “refinery issues in the US  are severe and basically overpowering the carbon tax pause.” “In time, relief will come.”
• CDU capacity utilisation rates at China’s state-owned refineries are expected to fall 3-4 percentage points on the month in April, according to OilChem
• Total oil stocks in the UAE’s Fujairah Oil Industry Zone rose by 4.958m bbl, or 25.6%, in the week to March 31, according to Fujairah Oil Industry Zone (FOIZ) citing Platts data.