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    Home » Three Global Oil Benchmark Futures Still Trading Below Spot Price as Refinery Margins Soars
    Indices News

    Three Global Oil Benchmark Futures Still Trading Below Spot Price as Refinery Margins Soars

    September 27, 20211 Min Read
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    Three global oil benchmarks —  ICE Brent, NYMEX WTI, and DME Oman —  remained in backwardation, but uncertainty about the short-term oil demand forecasts flattened the backwardation forward curves.

    • The decline in seasonal crude demand in Asia and the prospect of rising oil supply also contributed to the softening of the curves.
    • Meanwhile, forecasts of a supply/demand deficit in the second half of 2021 retained the market structure in backwardation, irrespective of the sharp oil price drops in August.
    • In August, Brent backwardation eased, following pressure from massive crude supply in the Atlantic Basic and the availability of unsold oil volumes for quick leading and softer demand.
    • Concerns about the spread of the COVID-19 delta variant that threatened to slow demand also led to the flattening of the oil futures forward curves.

    The ICE Brent 1st to 3rd month spread contracted month-on-month to stand at $1.15/b on average compared with $1.55/b posted in July. US Gulf Coast refinery margins extended gains recorded in August, rising to a post-pandemic record high of $15.48/b. 

    CL1! up +2.01%, USOIL up +1.77%Source: Organization of the Petroleum Exporting Countries

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