OIL PRODUCTS: Oil Products End of Day Summary: Diesel Crack Up 0.6% on Week

Although diesel cracks are slightly higher on the week, they reversed yesterday’s gains amid pressure from signs refiners may be maximising diesel yields.

• US gasoline crack down 0.3$/bbl at 24.76$/bbl
• US ULSD crack down 0.5$/bbl at 29.63$/bbl
• Reuters reports Northwest European gasoline refining profit margins rose to $9.38/bbl on Friday but ended the week 9% lower.
• European diesel imports are on track to rebound this month from the multi-year low seen in January, Bloomberg said.
• US average retail gasoline prices are at $3.163/gal, according to GasBuddy, up 1.7 cents/gal on the week.
• Pemex’s 245k b/d Salamanca refinery in Mexico postponed the restart of a crude unit after repairs have been complete, IIR said, cited by Bloomberg.
• Run rates at China’s Shandong teapot refineries has fallen again to the lowest since March 2020 at 43.2% in the week to Feb. 21, according to Mysteel Oilchem
• Phillips 66 258kb/d Bayway refinery undergoes a turnaround on the Pipestill 7B crude unit and a naphtha hydrotreater lasting through March, according to Bloomberg sources.
• Traders have mixed views on the outlook for the Asian ULSD market, although supplies remain sufficient and some refineries are set to return from maintenance next week, Reuters said.
• The 650k b/d Dangote refinery is now covering up to 60% of Nigeria’s gasoline demand and reducing its need for imported volumes, Platts said.