James McCullagh

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James is an Oil Products Analyst, with a particular focus on the EMEA region. He has deep knowledge of the African downstream, having spent seven years with CITAC Africa in London. James is a chartered accountant and fluent French speaker. He is a graduate of the University of Warwick. Prior to joining Energy Aspects, he worked as Financial Planning and Control Manager at a gas distribution company. 

Recent publications

  • | Right here, right now

    Diesel markets worldwide are exhibiting considerable physical strength, but futures markets are burdened with worry that the market is about to hurtle off a cliff due to rising supply. With some 5.5 mb/d of refining capacity due back online between May and July after a hefty spring turnaround season..

    6 days ago - Read more

  • | Slack attack

    A great deal of worry has swept the market over the supposed weakness of US gasoline demand. We still view the softness in US demand in the first part of this year as an aberration. It is unlikely that the underlying patterns of US gasoline demand have so fundamentally changed that a major contracti..

    1 week ago - Read more

  • | Back in action

    LPG markets have turned a corner following a slowdown in demand and with US production returning to growth. Mont Belvieu propane has offered the best returns amongst the main refined products over the past year, outperforming both gasoline and diesel. Propane’s strength has been the result of fallin..

    2 weeks ago - Read more

  • | Top of the pops

    Fuel oil’s strength is finally catching up with it. Strong cracks in late 2016 and early 2017 gifted short-term decision makers at simple refineries with the unambiguous signal to up their runs, and they duly obliged. In the first two months of the year, European runs jumped by 0.4 mb/d, despite the..

    3 weeks ago - Read more

  • | Great again

    The outlook for middle distillates continues to improve. US stocks are down by more than 20 mb since the start of the year and inventories are draining elsewhere too. The drawdowns have halved the overhang in visible middle distillates inventories to just 17 mb, and with Asia and the FSU only starti..

    1 month ago - Read more