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Oil market recap: Week ending 15th December

Hydrocarbon Engineering,

PIRA Energy Group have said that a large part of Libya’s potential return has been priced in to global oil markets. Also, the largest US crude stock draw of the year has pulled overall inventories lower.


  • PIRA are unsure if Libya will restart exports on Sunday 22nd December or if it will be another false start. But signs for a restart are more encouraging than on previous occasions.
  • Oil markets have already priced in anticipation of a return.


  • Crude stock fell as refiners continued to run at summer peak levels to take advantage of margins.
  • Domestic crude production was also reduced by the cold weather.
  • The overall stock decline expanded the stock deficit to last year by over 10 million bbls.
  • Propane storage is expected to end the year at well over 10 year lows.
  • Propane stocks are being pulled lower by exports, modest petchem feed usage and the coldest weather in years.
  • Ethane and butane are the preferred steam cracker feedstocks.
  • International LPG markets are reportedly awaiting the arrival of imports from the US and West Africa.


  • Runs have continued to rise post turnaround but crude imports have moved higher resulting in a strong crude stock build.
  • Gasoline demand has remained strong and gasoline demand has grown to an extremely high level with a stock draw on both gasoline and gasoil.
  • Refinery margins increased on the week.

Adapted from press release by Claira Lloyd

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