Crude markets shrugged off macroeconomic gloom, as tight supplies and firm refining margins boosted sweet and sour grades in virtually every region. Atlantic basin benchmark North Sea Dated gained $3.60/bl to reach $111.92/bl, while US marker WTI gained $2.78/bl to $85.16/bl. The impending end of the sweet crude release from US strategic reserves buoyed prices in the Atlantic basin. US refining margins are strong and refinery throughputs remain high, further lifting values. And loadings of Caspian BTC Blend are expected to fall in October because of field maintenance. Libyan output is considered unlikely to recover quickly following the rebel advance into Tripoli.
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