TTF month-ahead prices hit a new 12-year high
The benchmark TTF ICE month-ahead contract (July 21) reached its highest level since October 2008 at €29.40/MWh at the close on Friday, supported by planned outages…
ICE Brent prompt contract hiked to 65.7 $/b, likely due to the sustained backwardation at the prompt. Physical differentials in West Africa continued to weaken, as the Nigerian state oil company lowered its official selling prices for its flagship crudes, as rising Brent-Dubai swaps forced producers to adjust their competitiveness to flow crude to the East. Singapore products drew on the light end side, supporting gasoline cracks in Asia. Rising fuel oil stocks in Asia and the Middle-east will deteriorate prompt fuel oil values globally.
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