The Brent futures flat price for the prompt contract has seen a relatively weak morning. Price action initially found stability above the $83/bbl-mark, before coming off from $83.32/bbl at 08:00 GMT to $82.55/bbl at 09:50 GMT.
A fire broke out at South Korean S-Oil’s 580kbbls/d Onsan plant on Feb 23 at 14:44pm local time, reportedly impacting the 250kbbls/d crude distillation unit.
After closing in 2014, Iraq has reopened the 150kbbls/d North refinery in the Baiji complex. Moreover, the Federal Supreme Court of Iraq has ordered the Kurdistan Regional Government to hand over all oil and non-oil revenues to Baghdad.
Nigerian economic growth surpassed expectations, with GDP growing by 3.46% in Q4 compared to median estimations of +2.4%.
The front and 6-month Brent futures spreads are at $0.95/bbl and $3.83/bbl, respectively.
Europe Refinery Margins: Q2’24: $9.68/bbl, Cal’25: $5.32/bbl
Asian Refinery Margins: Q2’24: $10.31/bbl, Cal’25: $7.57/bbl
