Market Insights

February 25, 2016 • Posted in Market Insights

Week of February 22, 2016

  • Oil prices ended the week slightly changed from last week after Iran chose not to join Saudi Arabia and other major producers in production cuts
  • Record stockpiles and slow winter demand have hurt refinery profits and US refiners are cutting output of gasoline and distillates after 6 years of very high output rates and very healthy margins
  • At least five major refiners are cutting rates at the same time that US oil storage is reaching capacity
  • This could widen the current $4/bbl gap between WTI and Brent prices

 

WTI Crude Oil & Brent Crude Oil 02222016

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