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Energy markets in times of Covid-19 – Update release as of May 15th 2020

Von   /   14. Mai 2020

Oil futures prices continued to REMAIN IN toppish momentum as COVID-19 and its impact on businesses is evident.

The current EU refinery utilization, calculated at on average  at 72%, lead to  complete shutdowns in some countries already as consumption demand, mainly attributed to the main products such as Gasoline, Diesel, Jet, Heating Oil and Naphtha declined 30-80% between March to May this year.

And this trend is unbroken, although some EU countries are planning to resume normal live in June this year.

Please note: Commercial and offshore storages are nearly full of products, which should impact pipeline flows and create “barge storages” from now on.

The BRENT/WTI spread narrowed to close at $3.70 in the front window delivery period. The GO front month spread closed in a contango at $15.00 (10.00). The current mogas crack reflects 90% lower value compared to normal live, while the BFOE DD price basis ended up in a positive trend.

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