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 :
Share on twitter
Share on linkedin
Share on email

You might also read :

April 21, 2022

Oil is stable, market is waiting

Crude oil prices were sideways on Wednesday. Brent first nearby prices decreased by 0.4% to close at $106.70/b while WTI prics did not move to settle at…
July 1, 2022

Prices maintain their bullish trend

European gas prices were up overall yesterday, still supported by uncertainties on Russian supply and LNG flows (following the shutdown of the US Freeport LNG…
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?  Sign up here!