While ICE Brent prompt price for August expiry jumped to 75 $/b on early Tuesday, the spread between US crude (light sweet WTI) and the ICE Brent benchmark narrowed spectacularly from –2.4 $/b to –2 $/b. Gasoil cracks and other refined product prices did not rally as quickly as crude prices, leaving the ICE gasoil crack to a paltry level of 5.8 $/b at the prompt, a level not experienced since mid-April.
Global bond yields continued to decline, with short term interest rates left unchanged by South Korean and Japanese central banks. Equities continued to trade sideways in the…
European gas prices weakened on Friday, maintaining their stable trend, and seemingly insensitive to the strong drop in pipeline supply. Indeed, Norwegian flows dropped significantly,…
Crude prices weakened, to reach 79.4 $/b for ICE Brent January contracts, as Biden tried to convince other countries to release crude from their domestic SPR.…
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