Name: Downstream oil in brief: will midstream players benefit from this oil price crash?
Brand: Wood Mackenzie
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Author: Wood Mackenzie

Insight 21 April 2020

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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As the current situation of oversupply and weak demand unfolds in the oil market, the futures curve has switched from backwardation to contango. This means that spot prices for both crude oil and refined oil are priced lower than futures contracts. Contango creates opportunities for midstream players as traders seek to make storage plays on the futures market. So, will midstream players emerge as the winners of this price crash?</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Contango creates a surge in demand for storage at a time when inventories were already high
    </li>

<li class="list__item-toggle font-semibold">
        If there is limited capacity to store oil onshore, is the use of floating storage a viable option?
    </li>

<li class="list__item-toggle font-semibold">
        How long is this expected to last and who stands to benefit the most?
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<li class="list__item-toggle font-semibold">
        Summary
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<li class="list__item-toggle font-semibold">
        Brent FCC margins falter in March as demand is slashed and oil prices collapse
    </li>

<li class="list__item-toggle font-semibold">
        Gross retail margins spike but earnings under pressure as retail fuel sales decline
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<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">NWE refining margins</li><li class="list__item push-quarter--bottom">MED refining margins</li><li class="list__item push-quarter--bottom">NWE diesel / jet crack spreads</li>
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        <ul class="list list--bullets panel-toggle" id="661f96659f4c4318b4a918a2ec2eac44">
            <li class="list__item push-quarter--bottom">MED fuel oil crack spreads</li><li class="list__item push-quarter--bottom">Gross marketing margins March 2020</li><li class="list__item push-quarter--bottom">Ireland: gasoline gross retail fuel margin</li><li class="list__item push-quarter--bottom">Ireland: diesel gross retail fuel margin</li><li class="list__item push-quarter--bottom">Slovenia: gasoline gross retail fuel margin</li><li class="list__item push-quarter--bottom">Slovenia: diesel gross retail fuel margin</li>
        </ul>
        
    </div>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Downstream oil in brief: will midstream players benefit from this oil price crash?</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>1.02 MB</span>
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</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Refining Margins.xls</p>
<p class="uppercase delta">
    <span>XLS</span>
    <span>331.50 KB</span>
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