Gasoline cracks have fallen to their lowest since February amid signs of a decline in US demand, lacklustre Chinese buying, and robust seasonal supply.

• US gasoline crack down 0.5$/bbl at 20.94$/bbl
• US ULSD crack down 0.1$/bbl at 22.01$/bbl
• API weekly oil stock data from late yesterday according to Bloomberg: Gasoline -3.689mbbl, Distillate +0.612mbbl
• Russian seaborne oil product exports rose to 9.289 million metric tons in July, 1.1% higher m/m according to Reuters calculations based on industry sources.
• Russia has extended its gasoline export ban until December 31 according to an official government statement.
• Port of Fujairah total oil product stockpiles fell 1.2% to 16.458 mn bbls for the week ended August 12, the lowest since Sept. 25, 2023, according to FOIZ data.
• Gasoline sales in China are not seeing a usual boost from holiday travel due to use of electricity-driven high-speed rail and new energy vehicles, according to Bloomberg.
• China is planning to phase out diesel trucks meeting the National IV and below emissions standards, displacing around 45.36m mtpa, or 23% of China’s diesel consumption, OilChem said.
• Indonesia’s Pertamina is expected to revamp its Balikpapan refinery to 360,000 bpd from 260,000 bpd by September 2025 according to official reports.