The fact that these cuts have not managed to impact supplies or force people to look for crude which isn’t there is pretty much apparent for now.
Gasoline too continued to weaken. The March crack is valued at $ 9.05 /bbl. The massive contango of April to March suggests that it may soon be viable to store gasoline for the driving season or even further.
Fuel oil stayed weak in the window yesterday. However, this did not affect cracks too much. The March crack is valued -$ 4.2/bbl and April around -$ 4.1/bbl
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Disclaimer : All the views are the author’s personal views. These do not constitute an advice to buy or sell any commodity