Venezuelan recovery
ICE Brent front-month continued to trade above 81 $/b, despite improving supply conditions in Kazakhstan and Lybia. Both countries are ramping up their crude production and should…
Brent prompt future contract came back to 66.2 $/b as a significant selloff in the US bond market strengthened the dollar, pushing dollar-denominated commodities lower. Product cracks consolidated at elevated levels as refiners announced that their return to the market could be in early March. Chinese crude buying will likely ease in the coming month as refiners enter a period of turnarounds, physical cargoes to Asia reflected the softness in Chinese demand.
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