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Overview

Oil Price Deflates While Warning Lights Are Flashing

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Crude oil prices are deflating, and price spreads reflect a market that will have enough crude through year-end, and beyond. Barring any major production outages, that seems indeed the most likely scenario as non-Opec-plus output reaches pre-Covid-19 levels and ramps up. But this market is not different from how the year started when pressure on crude came from the refined product side, especially diesel, gasoil, kerosene and jet fuel. Refiners have been boosting runs and managed to halt the relentless draws of key products. But all indications are that product supply for the lower end of the barrels will be short.

Topics:
Oil Prices, Oil Futures and Derivatives, Oil Products, Crude Oil, Refining, Oil Supply, Oil Demand, Oil Forecasts
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