Margin squeeze
- Oil
- January 7, 2021
Brent prompt futures continued to rally to 54.7 $/b on early Thursday as Saudi Arabia guaranteed that their voluntary supply cut would last two months starting in February. The US weekly report reported rising refining runs leading to a large stocks draw of 8 mb. On the product side, US oil product markets weakened. Overall implied demand plummeted by 2.26 mb/d w/w. The recovery in Japanese runs halted, according to PAJ data, to 2.7 mb/d, as Japan wrestle with a hike in coronavirus cases. Finally, Canadian crude production has been ramping-up lately following November’s price rally as oil sands production in the Alberta region resumes.
Share this news :
You might also read :
Three days without a new case of Covid in Shanghai. According to the rules established by the local authorities, this should open the way to…
January 10, 2022
Mediterranean troubles
Crude prices steadied above 81 $/b for the March ICE Brent contract and front-month backwardation remained strong, above 60 cents, as Libyan output was expected…
April 2, 2021
European prices up overall
European gas prices were generally up again yesterday, supported by falling temperatures and lower Norwegian supply. Indeed, due to an unplanned outage at the Oseberg…
Subscribe to our newsletter