Asian weakness in fuel oil markets
Crude prices corrected, with ICE Brent Dec21 contracts back to 84.3 $/b, as diesel cracks in Europe weakened momentarily, due to a 1.3 mb diesel…
Brent prompt future contract came back to 63.5 $/b, after a weak session on Friday, as the forward crude balance resulting from the Texas energy crisis pointed towards lower US runs for an extended period of time. Indian refining runs topped 5.16 mb/d according to preliminary government data, as the nation’s demand fully recovered, except for jet demand. However, pump prices are at a record high due to tax hikes on refined products.
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