Crack spreads’ rally outperform crude prices hike

Oil
February 22, 2021

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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