Conflicting narratives
ICE Brent prices retreated at 71 $/b. North Sea markets continued to trade sideways compared to futures, as 3 cargoes of crude were still held…
Brent prompt contract regained Monday’s losses to reach 56 $/b, despite a strengthening dollar. At the same time, diesel margins progressed higher in Europe and Asia. The US stimulus suggested by President Biden’s team is expected to lift US consumer spending earlier than expected, hence improving distillates and gasoline demand. Saudi Arabia will upgrade its on-road diesel specification to international standards this year, reorganizing product export flows.
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