Some Asian oil refiners are reportedly considering run cuts of 20-30% amidst the Middle Eastern conflict, and the difficulties relating to shipping through the Strait of Hormuz, Bloomberg reports citing sources
Newsquawk Staff ·
Some Asian oil refiners are reportedly considering run cuts of 20-30% amidst the Middle Eastern conflict, and the difficulties relating to shipping through the Strait of Hormuz, Bloomberg reports citing sources.
What it means
Asian oil refiners contemplating significant run cuts of 20-30% signals potential supply constraints, especially as tensions in the Middle East affect shipping routes through the Strait of Hormuz. This could drive WTI prices higher as the market assesses supply risks against demand expectations, complicating the broader commodities outlook.
Sources
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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