Crude prices continued to be lifted by a declining US dollar, while the Libyan national oil company declared force majeure on its Hariga port due to budget disputes with the country’s central bank. Backwardation levels on the Brent curve are now at healthy levels to incentivize stock draws.
In less than 2 hours yesterday, the price of Brent 1st-nearby first approached $115/b before plunging towards $104/b. It has since recovered to around $113/b. Fears of…
Crude prices remained supported throughout yesterday, despite builds reported by the API survey in the US. Indeed, crude stocks grew by 2.3 mb, while refined…
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