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YGRN - Oil - The Pull From The East And Tanker Sanctions Explained
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Welcome to the complex edition of Oil Markets Daily!
The complexity of the oil market never stops to impress us. Following the COSCO sanctions, the crude flow balance has been altered with the East starving of crude right in front of IMO 2020 and the West getting discounted in order to make up for the higher freight rate.
The elevated medium/heavy crude spreads have also started to materially impact refinery margins in the East.
A great illustration of this is the Brent/LLS cracking margins versus the Dubai/Urals margins.