Heading to turnarounds without a proper product glut, but crude is questionable

Neil Crosby

29 August 2025 Time to read: minutes

Commentary summary:

• Brent/Dubai signals reaching fever pitch on the arbs perspective with North Sea weak and Murban a conundrum.

• Distillate E/W looks like it should narrow with Singapore pricing out diesel barrels. There seems to be a step change in Asian balances for now.

• Glut in products is not globally visible, nor is the glut in crude though there are more and more signs.

Neil Crosby is an experienced energy market and commodity analyst, specialising in crude oil, oil products, biofuels, and carbon. With roles at OilX and JBC Energy, he has extensive expertise in global oil industry analysis, forecasting tools, bespoke research, and client communication. His focus on refining and petrochemicals underscores his specialisation.

Sparta is a live, market intelligence and forecasting platform that enables oil traders, refiners, banks, hedge funds and wholesalers to have access to real-time and global actionable insights to capture market opportunities before others.

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Heading to turnarounds without a proper product glut, but crude is questionable

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