America outperforms
Crude prices continued to rise yesterday, to reach 75 $/b for the ICE Brent August contract on the backend of drawing US petroleum inventories and supportive macro…
ICE Brent prompt prices traded at 69.1 $/b on early Monday, after a strong expiry for ICE Brent contracts. Crude stocks globally are dipping at an accelerated rate, in line with seasonal patterns and the start of the driving season. On the refined product side, the divide between tight US markets and rising European stocks are pointing towards divergent trends, while Asian supplies continued to swell, as refining maintenance work eases.
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