European prices up on strong Asian prices and technical buying
European gas prices rebounded on Friday, supported by the strong rise in JKM prices in Asia (where high temperatures are driving demand up) and technical buying.…
Crude prices remained broadly steady as the EIA weekly snapshot reflected a growing discrepancy between US crude oil and fuel markets with a net build in inventories of 1.3 mb. Similarly to last week, recovering refining runs in Texas was unable to follow the pace of crude production or fuel demand, leading to a 13.8 mb build in crude oil inventories and large draws in gasoline and distillate stocks. Weak Chinese crude demand continues to impact crude markets globally, with evidence of a slowdown in purchases in the West African market.
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