Tom is an oil products analyst specialising in light ends and NGLs. He focuses on tracking market fundamentals and pricing, primarily within Europe and the Middle East. Before starting at Energy Aspects, Tom worked as an analyst within both the utilities and oil sectors, most recently within the analytics and consulting team at ICIS, covering long-term oil product balances and global cracker margin analysis. He holds a BSc from the University of Sheffield.
Gasoline is getting hit from both sides. Demand is coming under pressure from higher prices and supply is powering ahead despite weak gasoline cracks. The strength in diesel margins means that refining margins are unlikely to turn negative in any meaningful way. Refinery breakdowns might bring so..
Propane markets are entering the stockbuild season with US propane swaps more steeply backwardated than they were last year, when the market was far more preoccupied with the tightening supply situation. But it is far from clear that shorting this market will yield a quick win. Backwardated swaps..
The weakening in forward gasoline cracks over the last month makes it tempting to suggest that it is time to go bargain hunting, but we still think there is little short-term upside to the market with the full weight of European supply yet to hit the US East Coast. Forward values have not fallen..
The emerging trade war between the US and China has the potential to shatter the spring reverie. China is threatening to impose an additional 25% import duty on US-origin propane and polyethylene, among other products, in a retort to the Trump administration’s decision to impose heavy duties on $..