Summarising Biden’s toolbox
Crude prices remained stable, hovering around 83.5 $/b for the January ICE Brent contract. Expectations of a response from the US administration raised uncertainty in…
Brent prompt month contract remained range-bound at 55.5 $/b as the dollar remained supported despite a significant unexpected change in the US macroeconomic indicators. Time spreads edged higher this week, with the front spread reaching 40 cents. This has consequences in terms of inventory release and market positioning but has adverse consequences for refiners.
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