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1. Oil product cracks see support from demand, run cuts and low stocks What’s happening? Tighter fundamentals are supporting gasoline and diesel cracks in major hubs. Gasoline inventories are low in the Atlantic Basin, while distillate stocks are below average in all major hubs as heating season approaches in the northern hemisphere. Current backwardation in ...
South Korean and Japanese refiners are increasingly attracted to Iraqi crude oil as official selling prices for Basrah crudes fell to steep discounts against other Persian Gulf grades, prompting the Northeast Asian end-users to pick up additional Iraqi barrels to cater to their rising refinery run rates and winter fuel requirements. Iraq’s State Oil Marketing ...
Middle Eastern producers have maintained rigorous discipline in adhering to OPEC+ output cuts, but in the meantime, the battle for market share in Asian markets heats up
Energy WTI managed to settle above $80/bbl for the first time since 2014. Continued concerns over tightness in energy markets, and the expectation of stronger oil demand due to gas to oil switching continues to support the oil market. Stronger demand over the coming months comes at a time when the market is already set ...
Iraq’s State Oil Marketing Organization has asked customers to provide their 2022 term crude requirements for three crudes, excluding Basrah Light, according to Iraqi sources and traders, as the marketer focuses on its more popular Basrah grades. Customers were asked to submit their requirements for Basrah Medium, Basrah Heavy and Kirkuk by Oct. 30. “Basrah ...