Harvey Upends Global Oil And Product Flows

– Harvey dominated trading this week with downside blowouts in
WTI time spreads and WTI/Brent arbs while product spreads and crack
margins spiked to multi year highs. Consensus estimates saw
4.0-4.4m bpd of refiner capacity taken offline while oil production
outages totaled less than 1 million bpd. – Refinery outages in PADD
III have upended global trading flows leading to a surge in clean
product shipments from Europe and Asia toward the US while more
than 29 million bbls of crude idled in the USGC due to the port
closure. The Houston > east…

– Harvey dominated trading this week with downside blowouts in
WTI time spreads and WTI/Brent arbs while product spreads and crack
margins spiked to multi year highs. Consensus estimates saw
4.0-4.4m bpd of refiner capacity taken offline while oil production
outages totaled less than 1 million bpd. – Refinery outages in PADD
III have upended global trading flows leading to a surge in clean
product shipments from Europe and Asia toward the US while more
than 29 million bbls of crude idled in the USGC due to the port
closure. The Houston > east…