In OPEC’s hands

ICE Brent prices retreated to 71.3 $/b on early Monday, while time spreads continued to climb, at 43 cents at the prompt. Chinese crude oil imports in May were recorded at 9.65 mb/d, markedly lower than May 2020, and slightly below April’s level, amid a vast maintenance program for Chinese refiners. Rotation amid crude benchmarks was observed in the latest CFTC report, as Brent open interest declined while WTI increased, likely due to an increasingly bullish setting for US crudes.