Cushing-centric demand
ICE Brent crude oil remained at 68.9 $/b, as the API survey showed a continued drop in US crude stocks while refined product stocks dipped…
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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