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Oil Markets
Road fuel availability dampens price sentiment ahead of US driving season
Jun 20, 2024
Exploring the soft gasoline market amidst high refinery production and rising inventories. Discussion on the impact of returning refinery utilization on oil product spectrum. Analysis of bearish sentiment in gasoline market due to strategic reserve releases and ample supply in various regions.
14:52
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Quick takeaways
- Gasoline market faces challenges with surplus due to high refinery production.
- Refiners shift focus to distillate production as diesel cracks surpass gasoline, impacting market dynamics.
Deep dives
Market Expectations vs. Reality: Gasoline Demand and Prices in 2024
The gasoline market for 2024 faces unexpected challenges despite traditional summer demand. Typically, the summer driving season boosts demand and prices, but this year is different. Demand remains weaker compared to previous years, especially due to the abundant supply. Refineries have ramped up production, leading to a surplus in stocks. The market structure has shifted from backwardation to contango, with refining margins affected, creating a challenging situation for traders.
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