The amount of refining capacity brought online global the last 18 months is another variable to consider. Refining margins normalizing to pre Covid levels as we conclude a heavy H1 maintenance period may be where we are headed with +3.5-4Mbpd of throughput coming online from end of April to August according to GS.
I’m thinking this has had an impact on cracks 🤷♂️ I would guess they are not exactly pushing prices higher dumping a millions barrels into the market.
WASHINGTON, May 21 (Reuters) - President Joe Biden's administration will sell nearly 1 million barrels of gasoline in the U.S.-managed stockpile in northeastern states as required by law, the Department of Energy said on Tuesday, effectively closing the reserve.
The amount of refining capacity brought online global the last 18 months is another variable to consider. Refining margins normalizing to pre Covid levels as we conclude a heavy H1 maintenance period may be where we are headed with +3.5-4Mbpd of throughput coming online from end of April to August according to GS.
I’m thinking this has had an impact on cracks 🤷♂️ I would guess they are not exactly pushing prices higher dumping a millions barrels into the market.
WASHINGTON, May 21 (Reuters) - President Joe Biden's administration will sell nearly 1 million barrels of gasoline in the U.S.-managed stockpile in northeastern states as required by law, the Department of Energy said on Tuesday, effectively closing the reserve.
Thanks for an excellent description of the situation