$WTI Crude Oil - main 2308(CLmain)$ $Micro WTI Crude Oil - main 2308(MCLmain)$ $E-mini Crude Oil - main 2308(QMmain)$
-Cracks are still very, very strong.
-Refinery throughput is highest in the last 4 years.
-Implied product demand keeps improving with both gasoline and jet fuel demand sitting comfortably above last year.
Yet, it's a demand problem! Oki.
Natty production has dropped below 100 bcf/d for the 1st time since Feb 10/23.
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On the other hand, LNG exports look 🤮
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LNG bulls better hope for high LNG prices for these projections to pay out
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Price assumptions for different scenarios.
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