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Welcome to the global crude edition of Oil Markets Daily!
Refining margins are getting obliterated. Tanker rates shot up again last week and refinery run cuts are now expected. So the question becomes, why are physical crude spreads so tight?
Brent 1-2
Refining Margins
Source: Energy Aspects
We have a few theories as to why this is happening and Energy Aspect had a theory as well.
Refineries are limited by how much they can cut throughput as local product supplies are tight.
Drop in refining margins is related to higher tanker rates, not outright higher