According to an article published in Freight Investor Services, the front end crude spreads and crack is getting slammed in the fuel oil markets after reaching ridiculous highs at the end of last week.
Increase in prices
Relative to crude, Brent has come off slightly from the highs at $67+, but that crack has had its own agenda and has dragged down the product prices.
U.S. oil production to increase
U.S. oil output from seven major shale formations is expected to rise by about 49,000 bpd in August, to a record 8.55 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report.
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Source: FreightInvestorServices
