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German Product Demand Lacklustre in Feb: Argus

OIL PRODUCTS

The German oil products market in Germany continued to be oversupplied in February, despite some additional buying interest in H2 Feb, Argus said.

  • Lower prices in February encouraged some trades to buy more heating oil and diesel, but demand remains below expectations.
  • Weakness in the German economy is also depressing demand from the construction industry.
  • High utilisation rates at refineries are sufficient to cover domestic demand, while some traders along the Rhine are holding back on imports.
  • Exports from northern Germany in Feb were the highest in 12-months.
  • The product surplus is likely to continue for several more weeks, according to Argus, until refinery-maintenance season from mid-March cuts supply.
  • Demand is also expected to rise, helping to re-balance the market.
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