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 :

November 24, 2021

Release the barrels !

The US finally announced the release of 50 mb of crude oil into the market, coordinated with Japan, South Korea, the UK and China. ICE Brent…
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?