As per the original deal, Iraq was supposed to cut 210 Kbpd. It actually achieved only 50 Kbpd. Now it is saying that it will only cut 210 Kbpd if the cuts are extended. Aren’t the funds double counting this cut?
Gasoline prices stayed largely unchanged. The March crack is valued at $ 9.75 /bbl. April is valued at $ 10.0 / bbl
180 CST Fuel Oil
Fuel oil cracks slipped slightly to just under -$ 4.0 /bbl. The March crack is valued -$ 4.05/bbl and April around -$ 3.95/bbl. Petrochina has been a significant buyer of 380 CST fuel oil buying over 400 KT in Platts window over the past couple of trading days.
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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