Global Oil Products Update August 2009

Having led the way among refined products on the hopes of a strong US driving season, the strength of gasoline has been undermined by stock data and disappointing demand. In July, higher gasoline consumption combined with reduced refinery throughputs to boost prices, offsetting the negative impact of rising inventories. US refinery outages helped prop up the market, and there were fewer-than-expected shipments from Europe to the US. By mid-August, however, it had become clear that summer demand was down against expectations, while generous stocks could not justify continued price strength.

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