Prices extended gains
European gas prices increased again yesterday, both on the spot and the curve. Prices continued to receive support from above-normal demand and weak pipeline supply,…
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.
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