ICE Brent prompt contract was trading at 69.7 $/b on Monday as most Texan refineries were restarted over the weekend. Furthermore, Chinese crude processing in January and February remained strong, at 14.13 mb/d, slightly above our forecasts as fuel consumption during the Lunar New Year break remained strong.
Falling LNG sendouts since the beginning of June in NW Europe (see the graph in our Daily Gas section) and steady gas-to-power demand notably for cooling purposes dragged…