Keystone XL is cancelled, a boon for US producers
Brent futures weakened on Wednesday, to reach 55.8 $/b for the prompt contract after surprise builds across all US inventories, reported by the API survey.…
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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