Crude well-supplied

摘要

European refinery turnarounds will peak this month, with over 700,000 b/d of capacity scheduled to close for maintenance. Refinery shutdowns in South Korea will further reduce demand for North Sea crude, after 250,000 b/d of Forties went to Asia-Pacific in February. Other light crudes are plentiful. Loadings of Caspian CPC Blend are at a six-year high, while low naphtha demand is leaving Algerian Saharan Blend available. CPC Blend has fallen to a discount of $1/bl to North Sea Dated, from a premium a month ago. But west African crude prices are holding up, supported by Asia-Pacific demand.