Not Quite Clear Sailing

The Crude Oil Balance is projecting a deficit for June through September and the Global Oil Balance is projecting a deficit for May through October. Ceteris paribus, oil prices should continue strengthening from current levels of around $48 Brent.

From Bearish to Bullish

The NGL market is in the midst of a bearish-to-bullish reversal led by ethane and propane. In the 12-month forecast period, fundamentals for both products will essentially follow the same path. Waterborne exports and lower NGL production will chip away..

Pressure Mounts to Curtail Throughput

Pressure Mounts to Curtail Throughput High product stocks are weighing more heavily on refining margins in Europe and Asia and refiners are beginning to respond with lower throughput. At the same time, tight crude fundamentals will support higher feedstock costs this summer. 2016 throughput growth has been revised slightly lower accordingly resulting in a more…