European vaccination stops, pushing ICE gasoil cracks down

ICE Brent prices dipped on Monday as European countries such as France, Germany and Italy stopped vaccination campaigns with AstraZeneca’s vaccine, concerned by potential side effects. The delayed economic recovery puts pressure on product margins, especially ICE gasoil cracks. Iranian crude oil exports smuggled to China are now expected to reach 1 mb/d in March as they are sold at heavy discounts to the Dubai benchmark, pushing spot markets into a slump. The EIA’s monthly drilling report forecasted a decline in US shale output for April, led by low drilling activity and natural field declines.