Stocks depletion at risk

ICE Brent prompt prices weakened at 68.4 $/b, as the dollar rebounded. Fundamentals remain somewhat weak, as Japanese commercial stocks built, amid a continued drop in Japanese refining runs, markedly lower than seasonal patterns. Australia and Singapore were hit with a fresh batch of lockdown measures, limiting the upside for Asian runs. In the west, the weekly EIA report showed steep declines in their refined product stocks, while commercial crude stocks dropped by 1.7 mb. Refined products imports continue to be close to a record high, as the East coast region attracted cargoes coming from Europe.