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Sharp and steady supply declines have been pushed out of the limelight by the continued focus on refinery run cuts. The earlier-than-expected run cuts will reduce the rate of Q3 16 crude stockdraws, but they do not alter our balances for the subsequent quarters as lower runs were already factored in..
Crude markets have had a setback as Q3 16 begins. Refinery buying has dried up, with Asia the main culprit. Having bought record volumes of crude in Q1 16 and run at record utilisation rates, Asian refiners have been the first to pull the plug on refinery runs as the region grapples with a torrid ov..