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OIL PRODUCTS
The continued ramp up of oil processing capacities in the Middle East could be bearish for global refining margins, while limited its upside for crude, BNEF said.
- Fuel markets must absorb the increase in oil product supplies with 928k b/d of CDU capacity scheduled to come online by the end of 2024, BNEF added.
- Global refining throughput is likely to tick up, as capacity returning from maintenance, particularly in the Middle East offsets run cuts driven by current refinery economics.
- Additional and returning capacity from the likes of Kuwait, Oman, and Iraq has already weakened international refining margins in Q2, with the impact more pronounced in Asia.
- Should refinery ramp ups remain on track, gains in plant operations will continue to add to global fuel supplies in H2.
- Yet, new refining capacity could add further demand for crude as OPEC+ members redirect their products to domestic refiners.
Source: Bloomberg
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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