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European and Asian Onshore Crude Stocks Diverging

OIL
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Asia’s crude stock draws are slowing, while Europe sees some rebuilding – partially facilitated by refinery maintenance according to Vortexa.

  • European spring refinery maintenance is estimated to peak in April with 1.2mbpd of refining capacity offline according to Kpler. IIR Energy placed maintenance significantly higher at a peak of 1.7mn bpd in April.
  • Bloomberg placed offline CDU capacity in Europe at a peak of 900kbpd in April and FCC at 150kbpd.
  • Bearish margins have dented Shandong teapots’ heavy feedstock demand, buoying Singapore’s floating storage inventories.
  • China’s state and independent refiners cut run rates in the week to April 18 to 77.82%, the lowest level since February 29, according to OilChem.
  • Refinery runs at Chinese teapots in Shandong province increased to 54.76% of capacity and the highest since February 23.
  • State-owned refiners in China will reduce processing volumes about 2.4% on the month to 41.38m mt in April, according to OilChem earlier this month.

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Asia’s crude stock draws are slowing, while Europe sees some rebuilding – partially facilitated by refinery maintenance according to Vortexa.

  • European spring refinery maintenance is estimated to peak in April with 1.2mbpd of refining capacity offline according to Kpler. IIR Energy placed maintenance significantly higher at a peak of 1.7mn bpd in April.
  • Bloomberg placed offline CDU capacity in Europe at a peak of 900kbpd in April and FCC at 150kbpd.
  • Bearish margins have dented Shandong teapots’ heavy feedstock demand, buoying Singapore’s floating storage inventories.
  • China’s state and independent refiners cut run rates in the week to April 18 to 77.82%, the lowest level since February 29, according to OilChem.
  • Refinery runs at Chinese teapots in Shandong province increased to 54.76% of capacity and the highest since February 23.
  • State-owned refiners in China will reduce processing volumes about 2.4% on the month to 41.38m mt in April, according to OilChem earlier this month.

Keep reading...Show less