Concerns about demand have been weighing heavily on the market in recent months, capping any gains stemming from geopolitical flare-ups and limiting the upside from supply disruptions
The oil market has shown remarkable resilience to geopolitical risks in recent months, with the conflicts in Ukraine and the Middle East having little impact on prices of late. Geopolitical risk premiums have led to sporadic price rises over the past year, but the physical markets have adapted to trade flow shifts without too much trouble, analysts said at the APPEC conference by S&P Global Commodity Insights this week.
The refining margins in the regional hub Singapore plunged by 68% for the first week of September compared to the first week of August, per data from LSEG cited by Reuters. As a result of slumping margins and rising fuel supply amid weakening demand, analysts expect further cuts in refining utilization going forward, which does not bode well for oil demand in the world’s most important growth market, Asia.
Oil Demand Geopolitics Supply Outages Refining Fuel Demand
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