Diverging inventories?
Crude markets remained supported, ahead of the OPEC+ meeting, despite inventory builds reported by the API survey. Indeed, crude inventories grew by 3.6 mb, while…
ICE Brent prices reversed to 72.6 $/b, as the dollar surged against other currencies, due to the more hawkish US macro policy outlook. Interestingly, time spreads at the prompt climbed higher during this event, still valued at 80 cents at the prompt, as fundamentals were not affected by macroeconomic policy. WTI-Brent spreads reversed slightly but we remain constructive on this spread.
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