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OIL PRODUCTS
Global fuel markets will be more vulnerable to price and supply shocks amid refinery maintenance and Red Sea disruption according to Rystad.
- Maintenance is set to peak over the next three months with product output dropping to the lowest this year in the March to May amid works in Europe, North America and Asia.
- “Traditionally, refinery turnarounds are planned when demand is expected to be seasonally low, so this should not have been an issue,” said Mukesh Sahdev.
- Key markets will be more sensitive to any disruptions during this period and regions facing tight fuel supplies will struggle to get them from markets further abroad.
- “The largest pinch point will be Europe’s diesel and jet fuel, especially because their inventories remain low,” Sahdev said.
- Red Sea shipping disruption into the high demand summer season could be even more bullish for oil products, he said.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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