Growing divergence between crude and oil products markets

Brent prompt future contract remained pressured, at 63 $/b, as the OPEC meeting cycle started with the JMMC’s technical meeting yesterday. At the same time, the API survey showed large draws in product stocks and builds in crude stocks, in line with our forward crude balances. US refining runs surprised to the downside. On the other hand, Japanese runs recovered quickly following the earthquake last month, with throughputs back to 2.54 mb/d. US cracks continue to rally, as some refineries encountered ramp-up issues and technical issue. 

us-weekly-stock
Share this news :

You might also read :

ES-gas
April 26, 2022

Prices maintain their downtrend

Prices were down again yesterday in most European gas markets, pressured by the increase in pipeline supply. Indeed, Norwegian flows rebounded, averaging 305 mm cm/day,…
ES-power
August 31, 2021

EUA prices continued to rally

NWE spot baseload power prices were up yesterday, to €110.078/MWh on average for today delivery (compared to €107.720/MW for Monday), supported by expectations of lower…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

Don’t have an account yet? 

[booked-calendar]