The fall in prices interrupted by the blockade of the Suez Canal
Crude oil prices plunged yesterday on raising concerns about global demand fuelled by bad news about the pandemic (see the Daily Eco). API data also…
Crude prices climbed by about 0.5 $/b, to 66.7 $/b for ICE Brent prompt month contract, as OPEC+ members maintained their production policy in a rapid meeting held yesterday. However, the API survey showed a build in crude oil inventories of 4.3 mb while distillates and gasoline stocks dipped by respectively 2.4 mb and 1.2 mb. Japanese crude oil stocks declined by a 5.5 mb, despite a modest ramp-up in Japanese refining runs. The Galveston Bay refinery in Texas has now restarted its gasoline unit (FCC) which was down since the 8th of February after several trials.
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