Russian crude’s unprecedented premium to North Sea Brent is vanishing as European refiners switch to higher-value blends and scale back purchases to protect their profits.
Asian petrochemical companies may import little or no naphtha from Europe for a second month in August amid ample supplies and weak demand in Japan.
Oil refiners in Europe will shut 10 percent of their plants this decade as fuel demand falls to a 19-year low.
"Nowhere are signs of a rising crude glut more visible right now than in the U.S.."
- David Wech on Dec 30, 2014