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
#OOTT | US DoE Crude Oil Inventories (W/W) 10-Jan: -1.962M (est -850K; prev -959K)
- Distillate: +3.077M (est +1.340M; prev +6.071M)
- Cushing OK Crude: +765K (prev -2.502M)
- Gasoline: +5.852M (est +2.600M; prev +6.330M)
- Refinery: -1.60% (est -0.90%; prev +0.60%)
- Distillate: +3.077M (est +1.340M; prev +6.071M)
- Cushing OK Crude: +765K (prev -2.502M)
- Gasoline: +5.852M (est +2.600M; prev +6.330M)
- Refinery: -1.60% (est -0.90%; prev +0.60%)
Money managers increased their net-length in Brent crude oil futures and options by 27,473to 254,332 in the week ending January 14
Long-only positions rose by 34,368
Short-only positions rose by 6,895
other reportables net-length fell by 10,124
ICE #OOTT
Long-only positions rose by 34,368
Short-only positions rose by 6,895
other reportables net-length fell by 10,124
ICE #OOTT
OIL MARKET: So far, OPEC+ has been dismissive (but guarded) about President Trump’s call for lower oil prices.
But behind closed doors, there has been a flurry of OPEC+ diplomatic activity, with multiple consultations about the oil market over the last 48 hours | #OOTT
But behind closed doors, there has been a flurry of OPEC+ diplomatic activity, with multiple consultations about the oil market over the last 48 hours | #OOTT
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
X (formerly Twitter)
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…
A 4 month low for Saudi OSPs: Saudi Aramco cut the May official selling price for Arab Light crude by $2.30 to $1.20 a barrel above the average of Oman and Dubai prices. #OOTT
Saudi Aramco cuts the official selling price (OSP) for Arab light for Asia by USD 1.00/bbl to USD 2.20/bbl above the benchmark (Oman/Dubai average) for the month of October #oott
Forwarded from Live Squawk
#OOTT | WH Pushing Back On The Reuters Report [E. Uranium Must Stay In Iran]. Sources Directly Involved With The Negotiations Say This Report Is False - @aishahhasnie @FoxNews