EnergyScan

Conflicting narratives

ICE Brent prices retreated at 71 $/b. North Sea markets continued to trade sideways compared to futures, as 3 cargoes of crude were still held in floating storage without any buyers. This tallied with a revision in Kpler inventories estimates, pointing to large crude builds over the last days. US imports are forecasted to jump by 1 mb/d w/w, to limit the crude stock draws. 

 
Conflicting narratives
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Falling inflation expectations, combined with collapsing equities globally, likely triggered a sell-off in crude and refined products futures. ICE Brent prompt contracts for September delivery went…
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