Following a massive week of volatility where global oil benchmarks plummeted nearly 5% on news of a framework agreement to halt the military blockade of the Strait of Hormuz, the downstream refined product markets are finally settling into a short-term baseline.
According to late-afternoon rack calculations for Tuesday morning, the primary pipeline and delivery systems are exhibiting no change. The aggressive wholesale margin correction that hit pumps over the weekend (squeezing back some of the heavy drops seen over the past month) is currently holding firm. Regulated regional boards remain completely flat under their standard inter-weekly schedules.