OPEC’s strategy holds

Crude prices climbed by about 0.5 $/b, to 66.7 $/b for ICE Brent prompt month contract, as OPEC+ members maintained their production policy in a rapid meeting held yesterday. However, the API survey showed a build in crude oil inventories of 4.3 mb while distillates and gasoline stocks dipped by respectively 2.4 mb and 1.2 mb. Japanese crude oil stocks declined by a  5.5 mb, despite a modest ramp-up in Japanese refining runs. The Galveston Bay refinery in Texas has now restarted its gasoline unit (FCC) which was down since the 8th of February after several trials. 

Share this news :

You might also read :

March 18, 2021

Margins collapse

Crude prices continued to weaken on Wednesday despite the dollar edging lower, as the physical market’s weakness filtered through the futures’ market. Weak physical crude…
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?