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-oil
April 20, 2021

Back in backwardation ?

Crude prices continued to be lifted by a declining US dollar, while the Libyan national oil company declared force majeure on its Hariga port due to budget…
ES-power
June 30, 2022

To infinity and beyond !

Buoyed by the soaring gas and carbon prices, the European power spot prices rebounded yesterday with additional support from forecasts of slightly lower wind output.…
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]