Prices up on the spot, down on the far curve
European spot gas prices rebounded on Friday, supported by higher residential demand and weak pipeline supply. Indeed, Norwegian flows weakened again, averaging 263 mm cm/day,…
Brent prompt future contract remained pressured, at 63 $/b, as the OPEC meeting cycle started with the JMMC’s technical meeting yesterday. At the same time, the API survey showed large draws in product stocks and builds in crude stocks, in line with our forward crude balances. US refining runs surprised to the downside. On the other hand, Japanese runs recovered quickly following the earthquake last month, with throughputs back to 2.54 mb/d. US cracks continue to rally, as some refineries encountered ramp-up issues and technical issue.
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