Products tight, crude so-so
Commentary Summary:
– It remains hard to short products with very limited evidence that current refining tightness can be sustainably alleviated.
– Tuapse attacks are a reminder that this is only the beginning of Ukraine’s successful aerial campaign.
– US product draws are rather strong, while US crude builds are anaemic with exports able to alleviate any natural pressure for now.
By now it is not too wild a statement to suggest we ‘need’ a big global recession to alleviate product tightness, with limited global spare capacity again causing huge cracks across various products.
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