Markets tank, appropriately
Commentary summary:
• Spreads, refinery margins hold up remarkably well in the face of flat price rout, for now.
• Aramco OSP cuts were strong, bringing Arab Light APAC more in line with the spot market.
• Sverdrup has just about opened up against spot MEG in Far East, with its FOB price under severe pressure.
Predictions at this point in time are probably of little value, though we can make some broader comments and observations. Flat price and wider equities are appropriately responding to huge news, even if for the oil market the ramifications are still likely come in delayed (if gradually increasing) fashion.
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