Europe continues to be well supplied in diesel/jet
Oil
June 25, 2021
ICE Brent prompt contract remained supported at 75.6 $/b. Large crude importers such as India urged the OPEC+ group to increase production, citing inflationary pressures as a potential global macro risk to growth. Stocks in the ARA region built for middle distillates and fuel oil products, showing that the ongoing recovery in European demand is not outstripping supply, which remained ample thanks to continued imports from Asia.
Crude prices rallied by 5% as OPEC decided to roll over the current production agreement, while Saudi Arabia extended its voluntary cut for another month.…