Asian margins pressured

Oil
May 17, 2021

ICE Brent prompt month contract recovered to 68.5 $/b on Friday amid a rapid recovery of the Eurodollar, and a global recovery in equity prices as US bond yields declined back to 1.6%, despite widespread inflation concerns. Indian demand for the first part of May was likely to be down by 30%, compared to May 2019. Chinese refining runs in April were at 14.09 mb/d, slightly below our expectations, as low Asian margins likely reduced the Chinese product exports.

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