Liquidation
Falling inflation expectations, combined with collapsing equities globally, likely triggered a sell-off in crude and refined products futures. ICE Brent prompt contracts for September delivery went…
ICE Brent prompt contract eased to 68.5 $/b. An OPEC+ internal document showed poor compliance in March, as the cumulative overproduction reached 3.3 mb/d. The main contributor remained Russia and Iraq, with a combined overproduction of 1.5 mb/d. India will purchase a regular volume of Saudi crude in June according to trading sources. Indian refiners had reduced May’s lifting schedule. Singapore product stocks continued to show depleting gasoline stocks, while the fuel oil glut continued to build.
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