Christmas outages
ICE Brent crude prices rebounded, with ICE Brent February contract touching 75 $/b while time spreads were back in backwardation. Indeed, outages in OPEC countries…
Brent prompt month futures remained range-bound on early Monday, as newly implemented European travel restrictions were anticipated to reduce gasoline and jet demand in February. Furthermore, lower speculative demand on WTI contract is likely to have eased upward flat price pressure, as shown by the latest CTFC report. Finally, Saudi official selling prices are expected to dip lower, compared to the benchmark, as Asian demand looks increasingly uncertain.
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