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Wednesday 7 October 2020

Global crack spreads remain low amid slow oil demand recovery and high stocks (10/7/2020)

In its latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) estimates that third-quarter 2020 global liquid fuels consumption averaged 94.2 million barrels per day (b/d), an increase from the second quarter but significantly lower than the same time last year. The slow recovery has contributed to low gasoline and diesel crack spreads and high petroleum product stocks in three major petroleum product trading and refining centers-the U.S. Gulf Coast, the Amsterdam-Rotterdam-Antwerp (ARA) region, and Singapore. Between April and September, the five-day moving average crack spread for each product in all regions, except for U.S. Gulf Coast gasoline, declined to their lowest levels since at least 2011 (Figure 1). September crack spreads remained significantly lower than their previous five-year (2015-19) averages. EIA has reduced its forecast for 2021 global consumption of petroleum and other liquids as a result of lowered expectations for economic growth in both 2020 and 2021, leading to a balanced global inventory outlook in 2021. ... More »
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The Stages Of A Scam

1. Foundation Work: This is the preparations which are made before the scam is put in motion, including the elaboration of the plan, the employment of assistants and so forth.

2. Approach: Is the manner of getting in touch with the scammers victim — often most elaborately and carefully prepared.

3. Build Up: Rousing and sustaining the interest of the victim, rousing his emotions, showing him the chance of profit and filling him so full of anticipation and cupidity that his judgment is warped and his caution thrown away.

4. Pay-off or Convincer: An actual or apparent paying of money by the conspirators to convince the victim and settle doubts by a cash demonstration.

5. The Hurrah: This is like the dénouement in a play and no scam or con scheme is complete without it. It is a sudden crisis or unexpected development by which the victim is pushed over the last doubt or obstacle and forced to act. Once the hurrah is sprung the victim is clay in the scammer's hands or there is no game.

6. The In-and-In: This is the point in a scam act where the conspirator may put some of his money into the deal with that of the victim; first, to remove the last doubt that may tarry in the gull's mind.