Repricing summer barrels

Oil
June 9, 2021

ICE Brent prices hiked to 72.6 $/b, as US diplomats cast doubt on a rapid return to the market of Iranian barrels. The sour crude market hiked significantly over the last week against sweet crude markets. The API survey showed a decline of US crude stocks of 2 mb, while product stocks built by similar amounts. Japanese runs edged lower, while stocks climbed by about 4 mb in the archipelago, as low mobility still impacted the country.

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