FGE, on the other hand, has predicted flat output, which is a revision on an earlier forecast that saw growth of 200,000 bpd. The firm’s analysts project some 1 million bpd remaining as spare capacity after the end of this year’s mainten...  +

Refiners will ramp up slowly from maintenance, but they are expected to have at least 1 million barrels a day of spare processing capacity that they won’t use due to poor demand, according to Mia Geng, an analyst with FGE. The consultant...  +

"We continue to expect the market to firm up and crude prices to reach mid-$80/bbl levels as we move into 3Q 2024, but it will likely need a convincing signal of tightening from preliminary inventory data," FGE said. Read Article  +

Another aggravating factor for oil prices was the increase in inventories across OECD countries. Those were reported at 48 million barrels on land in May, which was significantly higher than the 2015-2019 average, which stood at 30 milli...  +

“As a human race, we are starting to travel more again,” said Eugene Lindell, head of refined products at industry consultant FGE. We are “shaking off the pandemic years.” Both the International Energy Agency and FGE do not expect deman...  +

"HSFO cracks should ease from current levels as we expect Russia's HSFO exports to remain elevated at around 600,000 barrels per day in June," said Palash Jain, a Middle East oil analyst at consultancy FGE, noting that several Russian re...  +

"Spot prices are now driven by Asian demand. Temperatures in South Asia are rising due to a heatwave, increasing power demand," said Siamak Adibi, principal consultant at energy consultancy FGE. While China may still see lower demand co...  +

Elsewhere, Eugene Lindell, FGE’s head of refined products, said while refinery margins had slumped, weakness was likely to be transitory given strong summer demand was set to boost prices.   Read Article  +

“We’ve got much weaker margins so crude demand is taking a hit,” said James Davis, director of short-term oil market research at FGE. Read Article  +

European diesel weakness is also being driven by elevated US flows to the region and a drop in freight rates that’s made it cheaper to bring in the fuel from Asia, according to Eugene Lindell, head of refined products at FGE.   Read Art...  +