Issue 11 - 5 Nov'20

Atlantic Basin crude market structures have weakened further over the past month. This is consistent with an acceleration in coronavirus infection rates particularly in Europe which has forced us to downgrade our demand outlook.

Issue 10 - 7 Oct'20

Improving light-end product outlook not enough to support crude market structures as demand worries remain.

Issue 9 - 7 Sep'20

Crude prices and structures have remained in a fairly narrow bandwidth, but we see obstacles to a firmer market for the time being even if OSPs have offered some help on the margin front

Issue 8 - 6 Aug'20

Increasing signals of weakness in the near-term physical crude market have so far been shaken off by outright prices, while Aramco maintains higher prices for term crude in Asia

Issue 11 - 2 Nov'20

-All about the incredibly narrow spread between simple and complex margins -HSFO to remain strong -Looming OPEC+ action to keep residue tight

Issue 10 - 5 Oct'20

-Explaining narrow spread between HSSR and cracked HSFO -Estimating volume of middle distillates in the global fuel oil/asphalt pool -Looking at the future of conversion operations

Issue 9 - 1 Sep'20

-Comparison of forecast IMO-2020 bunkers vs actual H1-2020 bunkers -A closer look at the Fujairah bunkering hub -Impacts of super narrow HSSR premium over cracked HSFO

Issue 8 - 31 Jul'20

-New HSFO pricing merit order -Secondary feedstock as a key balancing tool -Low VGO exports out of Russia

Issue 12 - 1 Dec'20

Yields slow to switch back to diesel on weak pricing signal, unclear sentiment

Issue 11 - 29 Oct'20

Diesel cracks may temporarily assume the margin leader position over the winter months.

Issue 10 - 1 Oct'20

Heavy yield shifts away from middle distillates ahead

Issue 9 - 28 Aug'20

Gasoil/diesel floating storage ticked back up over August as price signals failed to curtail supply aggressively enough.

Issue 11 - 5 Nov'20

Gasoline cracks have corrected lower in the Atlantic Basin, and although fundamentals remain more supportive vs middle distillates, demand looks to be on increasingly shaky ground.

Issue 10 - 5 Oct'20

Light ends extend their premium vs middle distillates, amid a continued, albeit slow, recovery in driving demand. US gasoline yields have pulled higher recently, while China continues to dominate petrochemical feedstock demand growth.

Issue 9 - 4 Sep'20

Key pricing spreads have seen a strong incentive to maximise gasoline production emerge this month

Issue 8 - 5 Aug'20

We see the recent weakening in gasoline/ULSD tonne spreads as unsustainable given still bearish fundamentals on the side of the latter and resilience in driving activity in some corners of the market.

Having had the chance to cross paths with the work conducted by JBC Energy in several occasions, I could attest to the accurate statistics and information behind their work in the energy sector. Their high-quality indicators and reports regarding the energy market showcase both strong analytics and unbiased studies. Their expertise in the field aided by their extensive years in this domain make this research institute both well-grounded and reliable. I would recommend JBC Energy to anyone looking for thoughtful, measured and independent analysis of the energy markets worldwide.

- Adrian Jasimi, Oil Expert at Energy Community

Benigni on Oil Markets, Issue 8 August 2019

In Issue 8 of our Benigni on Oil Markets report, we argued that the forward mogas vs diesel summer 2020 spread was completely undervalued on account of weakening gasoil/diesel and strengthening mogas in line with our IMO forecasts. Within a matter of weeks of our forecast, mogas began strengthening relative to gasoil over the relevant period.