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MNI Commodity Weekly: New Refinery Capacity to Upend Global Product Flows

Executive Summary:

  • New Refinery Capacity to Upend Global Product Flows: With a flow of new high-capacity refineries aiming to ramp-up production in 2024, traditional product flows are set to be upended by new suppliers. (pg.1)
  • Oil Markets: Front month crude is edging towards technical resistance with an increasing risk premium due to Middle East tensions and despite US Fed rate cut uncertainty weighing on demand expectations. Oil product markets remain supported by Red Sea tanker diversions, refinery maintenance, and drone attacks on Russian energy infrastructure. (Starts pg.4)
  • Gas Markets: Global natural gas and LNG prices have pulled back further in the past week, weighed on by high stock levels and limited LNG appetite, the Lunar New Year Holiday in Asia and muted demand in Europe due to mild weather. High production levels, low demand and the outage at the Freeport export facility in the US have contributed to Henry Hub weakness. (Starts pg.9)
  • *See also Market Analyst views covering top bank and commodity trading views on oil markets. (Starts pg. 7)
Full piece here:

MNI Commodity Weekly - New Refinery Capacity to Upend Global Product Flows.pdf


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