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I never understand OPEC...I think it's best to go ahead with the scheduled tapering, as I argued yesterday, but if they're going to choose to delay, they should have at least extended the voluntary cuts in one fell swoop until Q1 2025.
It wouldn't be too late to announce an extension to Q1 or Q2 2025 and then change the policy later in the year based on market conditions. Two months is too short a time, and there is no incentive for a two-month extension.
OPEC is once again providing uncertainty to the market and trying to spark unhealthy volatility.
Two months? Are you guys kidding me?
#oott #com
It wouldn't be too late to announce an extension to Q1 or Q2 2025 and then change the policy later in the year based on market conditions. Two months is too short a time, and there is no incentive for a two-month extension.
OPEC is once again providing uncertainty to the market and trying to spark unhealthy volatility.
Two months? Are you guys kidding me?
#oott #com
The weak spot in the oil market right now is not crude, it's products.
If I were you, I would be cautious if crack spreads are bearish while crude spreads are rallying, and ECMWF-EPS is no longer tilting bullish.
Already the Middle East and India are starting to push product out, which is why Fujairah port inventories are falling, while Singapore and ARA's tanks are full.
Maintenance since February should address some of the weakness, but if the weather doesn't help, a correction is likely.
Oil bulls, pray to Mother Nature or reduce your risk.
#oott #com
If I were you, I would be cautious if crack spreads are bearish while crude spreads are rallying, and ECMWF-EPS is no longer tilting bullish.
Already the Middle East and India are starting to push product out, which is why Fujairah port inventories are falling, while Singapore and ARA's tanks are full.
Maintenance since February should address some of the weakness, but if the weather doesn't help, a correction is likely.
Oil bulls, pray to Mother Nature or reduce your risk.
#oott #com
The weakening of Asian refining margins is beginning to have an impact. The weak refining margins in Asia, including those for gasoline, are hurting the profitability of export-oriented Korean refiners.
1) According to what the refinery operator told me, there are plans to reduce the utilization rate at the HD Hyundai plant in Daesan, South Korea, due to weak margins. They have postponed the discharge schedule for some small-scale cargo.
2) South Korea's GS Caltex will begin maintenance of its ~330kb/d Yeosu refinery at the end of February. This maintenance schedule had been brought forward from mid-March.
The refiner is also planning to shut some or cut operation rates at secondary units that produce petrochemicals cuz of poor production margins.
#oott #com
https://x.com/crudeoil231/status/1884223720132338081?s=61&t=54jRg0qLhTlJFEY7-MBfNA
1) According to what the refinery operator told me, there are plans to reduce the utilization rate at the HD Hyundai plant in Daesan, South Korea, due to weak margins. They have postponed the discharge schedule for some small-scale cargo.
2) South Korea's GS Caltex will begin maintenance of its ~330kb/d Yeosu refinery at the end of February. This maintenance schedule had been brought forward from mid-March.
The refiner is also planning to shut some or cut operation rates at secondary units that produce petrochemicals cuz of poor production margins.
#oott #com
https://x.com/crudeoil231/status/1884223720132338081?s=61&t=54jRg0qLhTlJFEY7-MBfNA
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JH (@CRUDEOIL231) on X
The weakening of Asian refining margins is beginning to have an impact. The weak refining margins in Asia, including those for gasoline, are hurting the profitability of export-oriented Korean refiners.
1) According to what the refinery operator told me…
1) According to what the refinery operator told me…