Macro optimism boosts the front of the curve
ICE Brent futures were boosted late in the previous session (reaching 77.4 $/b on early Friday) by a jump in inflation expectations, which led to a…
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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