It’s no secret that rising prices this year for refined products (especially gasoline and diesel) have drawn scorn from consumers, businesses and politicians alike. But while no obvious remedy appears likely in the very near term, that doesn’t mean the market is stuck indefinitely, as some major refiners, especially China, still have the capacity to boost output and exports. In today’s RBN blog, we look at how China could help stabilize the refined products market.
The Future of Fuels bi-annual report by RBN's Refined Fuels Analytics provides an in-depth analysis of the U.S. and global refinery industries, focusing on crude oil and fuel market dynamics, supply and demand, alternative fuels, refinery capacities, and price forecasts to help stakeholders navigate the evolving energy landscape.
China could play a major role in restoring market balance, but let’s look at how we got here before we dive into those details. As we noted in Basket Case, the U.S.-Iran conflict has created one of the most significant disruptions to global petroleum markets in decades, with much of the market attention focused on crude oil and the loss of flows through the Strait of Hormuz. As we discussed in Stuck in a (Gulf) You Can’t Get Out Of, the volume of products flowing out of the strait has plummeted since the start of the war. After averaging an aggregate 3.3 MMb/d in January and February (sum of stacked areas in Figure 1 below), they cratered in the following months, dropping to as little as 100 Mb/d in April (dashed blue circle) as the three-month moving average (dashed red line) plunged.
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About the song
"Help!" was written by John Lennon, with some assistance from Paul McCartney, and was credited to Lennon/McCartney. The song appeared as the first song on side one of the soundtrack album of the 1965 film of the same name. Help! was the second film released to feature The Beatles. John Lennon has stated that “Help!” was one of his favorite Beatles songs that he wrote. Released as a single in July 1965, the song went to #1 on the Billboard Hot 100 Singles chart. It has been certified Gold by the Recording Industry Association of America (RIAA). Personnel on the record were: John Lennon (lead vocals, acoustic guitar), Paul McCartney (bass, backing vocals), George Harrison (lead guitar, backing vocals), and Ringo Starr (drums, tambourine).
Help! was the fifth studio album from The Beatles, and it was the soundtrack to their second feature film. Recorded between February and June 1965 at EMI (Abbey Road) Studios in London, the record was produced by George Martin. Released in August 1965, the U.K. version contained 14 songs, while the U.S. version contained seven songs, with the rest of the album being comprised of instrumental music from the film. It went to #1 on the Billboard Top 200 Albums chart and has been certified 3X Platinum by the RIAA. Two singles were released from the LP.
The Beatles were an English rock band formed in Liverpool in 1960. The band’s lineup of John Lennon, Paul McCartney, George Harrison and Ringo Starr became the most influential band in pop music and helped change the culture of the world. They released 17 studio albums, five live albums, 52 compilation albums, 36 EPs, and 65 singles and have sold over a billion records worldwide, making them the best-selling music act in history. The Beatles were featured in four motion pictures. They have won an Academy Award, a Billboard Award, four Brit Awards, 10 Grammy Awards, a Grammy Lifetime Achievement Award, and are members of the Grammy Hall of Fame. They have 14 Ivor Novello Awards, an MTV Video Music Award, and three World Music Awards. All four members have an OBE, and are members of the Rock and Roll Hall of Fame, U.K. Music Hall of Fame, and Vocal Group Hall of Fame, and have a star on the Hollywood Walk of Fame. McCartney was knighted in 1997, and Ringo Starr in 2018. John Lennon was assassinated in New York City in December 1980 at 40. George Harrison died in Los Angeles in November 2001 at 58. Ringo Starr and Paul McCartney still record and tour as solo artists. Starr’s latest album, Long Long Road, was released in April. He is touring the U.S. again in September and October. McCartney's latest album, The Boys of Dungeon Road, was released in May and went to #5 on the Billboard 200 Albums chart.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
