The crude futures market experienced a huge drawdown on Friday of close to 13% intraday, as the news that the omicron COVID variant was spreading…
ICE Brent prompt contract traded above 73 $/b, as demand continued to outpace supply, according to Kpler inventories measurements. Regional price differentials are already starting to reflect these inventory dynamics. Indian demand in May dropped by 0.6 mb/d due to the resurgence of the pandemic, according to government statistics.
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