Insight
Market correction: Where next for oils and refining?
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Report summary
The oil market slumped last week driven by a sharp change in investor positioning with an aggressive sell-off of previous long positions, with limited interest in fresh shorting as fears of demand weakness mounted against the backdrop of easing war risk premiums. The refining outlook now looks increasingly uncertain, with significantly flatter forward price structures with risks skewed to the downside. In this short insight, we assess the key uncertainties and risks to our near-term refining outlook.
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