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MNI Commodity Weekly: Refinery Turmoil Driving Gasoline Cracks to Multi-Month Highs

OIL

Executive Summary:


  • Refinery Turmoil Driving Gasoline Cracks to Multi-Month Highs: The escalation in drone attacks against Russian energy infrastructure and the lingering tail-end of US refinery maintenance season have boosted gasoline cracks to levels not seen since last August.
  • Oil Markets: Crude rallies to its highest since early November amid rising geopolitical risks and expectations of a market deficit during Q2 2024 due to OPEC+ cuts and improving demand estimations. Oil product markets weigh the impact of Russia refinery outages on global supplies while US refinery runs recover. (pg.4)
  • See also Analyst Views on current market outlooks. (pg.5)
  • Gas Markets: European natural gas prices rebounded this week amid forecasts for cooler weather and ongoing supply disruptions in Norway and the US. Global LNG benchmark prices mirrored gains in TTF, while US natgas prices eased back, weighed on by lower LNG exports due to maintenance at the Freeport LNG terminal. (pg.9)

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