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Oil market recap: week ending 2nd February

Hydrocarbon Engineering,

According to PIRA Energy Group, at the moment, low inventories are supporting oil prices. US product stocks have drawn while crude has built.


  • Increasing momentum in the leading developed economies is providing a lift for emerging markets which may ease financial market pressure.
  • Low inventories are supportive of oil prices at the moment.
  • Political risks were balanced last month which has led PIRA to assume that disruptions remain high but will decline this year.


  • Over the past week, total commercial inventories decreased.
  • A large build in crude in part, offset large draws in products.
  • Last week, products drew even with higher crude runs and higher product imports.
  • US propane storage is at a new low for the period.
  • Ethanol prices and margins tumbled last month.
  • RIN prices rose due to uncertainty in the timing of the EPA finalising the biofuel requirements for this year.


  • Crude runs eased on the week.
  • Finished products drew 1.5 million bbls but there was a decline in gasoline and gasoil.
  • There were more substantial draws on jet/kero and fuel oil.

Adapted from a press release by Claira Lloyd.

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