Saudi stealth

ICE Brent price climbed back to 72.5 $/b at the prompt, as US monthly inflation recorded at 5% for May, likely boosted demand for long-dated commodity futures contracts. Saudi Arabia announced that they rose production by close to 0.4 mb/d in May, but the market remained in an upward momentum phase, as all Middle Eastern OSPs priced a higher premium against benchmarks. Interestingly, despite large diesel imports from Asia, ARA inventories dipped last week by 1.3 mb, a 7% decline, potentially highlighting a return of gasoline demand in North-West Europe. 

Saudi stealth
Share this news :

You might also read :

ES-power
February 16, 2022

Power and carbon prices faded on gas sell-off

The European power spot prices fell yesterday on a combination of lower gas prices, improving French nuclear availability and forecasts of surging wind and hydro…
ES-economy
June 14, 2021

The market is waiting for the Fed now

Equity markets remain on an upward trend and bonds are trading near their recent highs (yields near their lows). A key consumer survey showed lower…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

Don’t have an account yet? 

[booked-calendar]