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.