We saw extremely rangebound prices in crude this week, with the September Brent futures contract hovering between $84/bbl and $85/bbl.
The team discuss the nature of the oil market, what’s going on with Dated Brent, volatility, US jet fuel demand, and the upcoming US election debate. Not to mention, Jorge “The Regulator” weighs in on the current state of benchmarks and conspiracy theories.
Refinery margins have been relatively rangebound, although a weakened crude flat price supported margins this past week. In contrast to previous weeks’ performances, the distillates market was lacklustre. Meanwhile, gasoline saw better support on stronger demand indicators. Although refinery margins were not the driver for the recent strength in Dated Brent, this may have spurred some refiners who were originally waiting for lower prices to now make last-minute cargo purchases.
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