Global Oil Products Update September 2009

While overall refined products market sentiment has improved, thanks to some positive macroeconomic indicators, the glut of distillate stocks has weighed on traders and cast a shadow over the positive development in gasoline etc. Refiners now faced with the end of the driving season and the onset of colder weather would usually be cranking up supply of distillates. The stock position and chronic demand weakness, however, mean no need to follow the normal pattern. Margin pressure suggests that refinery maintenance activity will pick up. This might ultimately result in a stock draw - particularly if it turns cold in the US and Europe.

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