The real work begins

摘要

The oil market has been in a state of constrained supply for several years now.Since soaring Chinese economic growth and Opec production cuts combined to pull oil past 40/bl in 2004,that constraint has been increasingly in the downstream.Refinery bottlenecks have helped to raise product prices more than crude prices,leading to historically high refining margins.But signs are increasingly pointing to a shift in tightness to the upstream.