ICE Brent prompt price hiked to 84 $/b for March delivery, as Libyan exports at one of the biggest ports were halted due to a combination of bad weather and lack of storage infrastructure at the facility. Still, the whole complex was lifted yesterday, with diesel prices rallying more than crude prices, putting ICE Gasoil cracks above 13 $/b at the prompt. As Omicron cases are peaking globally, COVID fatalities appear to be flat since October, which puts demand expectations at a higher level than previously anticipated. Yet, the API survey reported another week of heavy refined product builds last week, with another 10 mb growth in gasoline inventories, putting gasoline stocks now close to seasonal values.
Get more analysis and data with our Premium subscription
Ask for a free trial here
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.