US refiners ramp-up operations, at the expense of product stocks

Brent prompt future prices retreated by 1$ at 56 $/b as most European countries doubled-down on restriction measures due to the expansion of the new strain of coronavirus. However, improved market conditions in the US, with an inventory draw in US commercial stocks and higher refining runs, are helping prices to potentially solidify at current levels. Chinese customs detailed preliminary trade data, showing December’s crude oil imports 15% below November’s level.