Gasoline crack slipped back into negative territory on Thursday after a rise in US inventories and amid a sharp sell-off in oil futures. ARA gasoline stocks declined slightly in the week to Thursday to 968,000 tonne as exports to West Africa rose, according to Dutch consultancy PJK International. US gasoline stocks rose last week by 1.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel gain.
France's hard-left CGT trade union on Thursday called on its energy industry workers to walk out for 48 hours from Dec. 13, saying it wanted to join forces with 'yellow vest' protesters.
Venezuela plans this month to import over 300,000 barrels per day (bpd) of refined products to ease domestic fuel shortages caused by hobbled refineries and a need to prioritize exports, according to internal documents seen by Reuters. Oil refiners' profits in Asia have slumped to the lowest in more than four years after refineries ramped up output in the fourth quarter and churned out excess fuel in anticipation of stronger demand during winter.
Opec tentatively agreed an oil output cut on Thursday but was waiting to hear from non-Opec heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said.
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