PIRA Energy Group has said that Brent crude oil prices will possibly recover, although the company has lowered its forecast for the next few months. When it comes the US, PIRA has said that crude stock declined and in Japan, crude runs increased and stocks posted a modest draw.
- PIRA has said that Brent prices will recover but the forecast has been lowered for the next few months.
- Demand is expected to pick up seasonally and refinery runs are expected to pick up also.
- Geopolitics is likely to further disrupt supplies, particularly in Libya and Iraq.
- North Sea production maintenance is coming towards its August/September peak so production is to be disrupted.
- US production will also be disrupted as hurricane season begins.
- Refinery runs are on the up once more as maintenance activity slows.
- Imports of crude have eased back and modest stock draws have been reported.
- Stocks of finished products have risen slightly.
- Gasoline demand experienced a rebound and neared 1 million bpd.
- PIRA have reported that refining margins softened as all cracks began to ease with gasoline posting the largest drop.
Adapted from press release by Claira Lloyd
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