Libyan exports halted, stock builds in the US

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.

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