JH
@CRUDEOIL231__Hedge Fund Oil Strategist / Derivatives Trader - Data-driven, Physic * All posts are English. Retweet/Repost is free. Please respect the diversity of opinions.
Similarly, in Singapore, continued product inflows are squeezing margins. Exports of Chinese products are limited due to weak export margins, but South Korean refiners are still maintaining high refining runs. Here too, wait for the September-October maintenance. #oott #com
Northwest European margins have fallen back to pre-COVID levels. Still limited gasoline exports and continued inflows of diesel are weighing on NWE margins. We have to wait for the maintenance season. #oott #com
In St. Petersburg after the June meeting, ABS and Novak were very clear about the production policy going forward. I don't know why Western analysts are interpreting OPEC+'s will and policy as they please. OPEC+'s line is firm, Don't act like you're ABS. #oott #com
On the other hand, Morgan Stanley's largest shareholder and Japan's largest bank, MUFG, is still sticking to its bullish outlook on Brent. #oott #com
Goldman Sachs warns that Brent crude could fall below $70/bbl if Chinese demand weakness persists. We're going to add a bear here. #oott #com
Global gasoline margins.... It seems clear that gasoline hasn't helped refiners this summer. #oott #com
US commercial crude stocks are approaching minimum operating stock levels. The US cannot continue to provide crude to global markets without stock draws, and with WTI spreads rallying, it must either curb exports or pull global crude into the US through more imports. #oott #com
Rig declines are happening where they should be happening. US shale is already not growing at all YoY and CLZ5 is ~$70/bbl, so what's going to happen? Doesn't that make analysts' 2025 non-OPEC supply assumptions suspect? #oott #com
Great snapshot from GS on how desperate Chinese property is... China is still sick... #oott #China #com
Is it any wonder that Mexican crude exports continue to trend lower even as refining runs struggle? #oott #com
Therefore, they are still importing a significant amount of refined products to meet domestic demand. #oott #com
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