Low water levels on the Rhine and a strike at French refineries converged to cause a spike in refining margins in Northwest Europe in November. That isolated support was short-lived,though, and margins will remain soft until the second half of 2019 when new IMO specifications for bunker fuel markets bolster diesel and low sulfur fuel oil spreads to crude.
Hellenic Shipping News:
Three new pipelines coming online in the second half of 2019 will deliver an onslaught of crude to the port of Corpus Christi. According to ESAI Energy’s recent North America Watch, local refinery demand for light sweet crude will remain unchanged, so these new flows will double the surplus crude available for export.