May 01, 2024 14:58 GMT
MNI Commodity Weekly: Mexican Fuel Ambitions a Blow for US Refiners
Executive Summary:
- Mexican Fuel Ambitions a Blow for US Refiners: Pemex refineries in Mexico are ramping up runs in search of fuel independence, both reducing crude supply for export markets as well as limiting oil product import needs. Numerous setbacks, however, highlight the difficulty in achieving the goal – especially for Dos Bocas.
- Oil Markets are under downside pressure from the possibility of higher US interest rates for longer and amid hopes of an Israel-Hamas ceasefire. Weak near-term demand is weighing on oil product markets as the European diesel market looks oversupplied. (Pg.4)
- Analyst Views: See latest analyst views on key topics in energy markets at present. (Pg.7)
- Gas Markets: European Gas markets have been stable this week as Norwegian outages weigh against robust storage levels and tepid demand, with TTF ranging between €27.92/MWh and €30.75/MWh. The return of Freeport LNG is expected to put pressure on LNG prices, while providing a bullish factor for US natural gas. (Pg.9)
Full piece here:
MNI Commodity Weekly - Mexican Fuel Ambitions a Blow for US Refiners.pdf
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