Slight price increase
European gas prices increased yesterday. Spot prices were supported by lower Norwegian supply (322 mm cm/day on average, compared to 341 mm cm/day on Friday)…
ICE Brent prompt contract remained at in the mid 75 $/b, as the EIA weekly report depicted a rather tight US crude market. Cushing drew by 1.8 mb, prompting questions about how fast this storage point would draw in 2021, given the lack of onshore US crude production. European refining margins remained constrained, below 5$/b for cracking Forties crude, limited by diesel inflows from Asia and ample diesel stocks.
Get more analysis and data with our Premium subscription
Ask for a free trial here