Issue 7 - 6 Jul'20

With Urals differentials recently hitting all-time highs, we delve into how the implementation of Russia's OPEC+ cut agreement is impacting flows and pricing

Issue 6 - 8 Jun'20

OPEC+ output will now remain lower for longer, but further market strengthening will face headwinds from some returning US supply and high inventories

Issue 5 - 11 May'20

The prospect of renewed pressure on crude markets has not yet dissipated despite improvements in headline balances, while various effects continue to play havoc with pricing spreads

Issue 4 - 14 Apr'20

We examine the likely impact of the new international crude production cut agreement.

Issue 8 - 31 Jul'20

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

Issue 7 - 1 Jul'20

This edition answers how fuel oil inventories can grow even as balances tighten further.

Issue 6 - 3 Jun'20

Bulls will have to keep the champagne on ice for now. Some market tightness is seen re-emerging over Q3. The window of opportunity for HS residue conversion operations is largely closed by now. How does the HSFO/LSFO split in global storage look like?

Issue 5 - 5 May'20

-US net inputs of VGO turn negative -China takes a few steps forward in its bid to become a bigger global bunkering hub -Coronavirus fallout not as bad for FO as other products

Issue 8 - 31 Jul'20

The unusual relative strength of the Asian diesel market looks increasingly fragile.

Issue 7 - 1 Jul'20

Diesel markets may show some relative strength vs gasoline over the coming weeks.

Issue 6 - 3 Jun'20

Diesel cracks collapsed on resilience in global crude runs, pushing forward demand cover higher. Optimism in jet regrades looks premature.

Issue 5 - 30 Apr'20

Diesel cracks are already correcting lower on brimming inventories, with a strong risk of temporary collapse should demand recovery fail to materialise soon.

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.

Issue 7 - 2 Jul'20

We are becoming increasingly convinced that a summer gasoline rally would see returning supply quickly nipping it in the bud.

Issue 6 - 8 Jun'20

Improvements in mogas/ULSD spreads, especially in the US, are already bearing fruit on the supply side, which is likely to inject greater volatility into this price spread in the coming weeks.

Issue 5 - 7 May'20

Gasoline/ULSD spreads globally have narrowed markedly partially on emergent weakness in the diesel complex, but the signal this is sending US refiners in particular could prove problematic.

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.