US stocks pushing time spreads higher

ICE Brent prompt contract rose to 75.4 $/b on early Wednesday, after steep crude stock draws forecasted by the API survey in the US, especially in Cushing, at the WTI pricing point. Japanese refining runs struggle to ramp up, despite the imminent start of the Olympics. According to government statistics, Indian refiners processed less crude in May, as the pandemic peaked in the country.