Cyclone premium

ICE Brent prompt contract recovered to 67.1 $/b on early Monday, as a potential cyclone formation in the Gulf coast could have an impact on oil infrastructure. Yet, prompt time spreads remain below 10 cents, not indicating that current fundamentals are tight. The Iranian nuclear deal revival’s timeline was also challenged by European diplomats, as the 3-month monitoring deal between the UN and Iran expired this weekend, limiting access to footage of the Iranian nuclear sites.

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July 16, 2021

European refiners back in the money?

With another decline in crude oil prices, especially at the prompt, and product prices remaining supported, European refiners are back closer to their average profitability levels.…
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