Below is an ongoing chart of the next month's margins. This is based on Some standard product profile for a Hydro-Skimming and Cracking Refineries First full month crack value, i.e. for the month of May 19, this charts the refining margin basis some fair values for cracks for June 19. We can see that the margin for a hydroskimming refinery has dropped below $ 3 / bbl for the first time in the last 6 months or so that we are tracking this margin. With outlook for products being bleak, we cannot really see a dramatic growth in crude oil demand in our part of the world. There was a story about China importing record volumes of crude oil in April 2019. Some of this was attributed to importing additional Irani oil by teapots before sanctions fell in place this month. Thoughts on the same are welcome. Thanks and regards,

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