Downturn in physical crude just as TARs end?
Commentary summary:
• North Sea remains the general outlier globally
• MEG spot premiums fall alongside Dubai spreads which have diverged from ICE Brent spreads.
• EFS is now quite wide, as is WTI/Brent.
• WTI still seems to be struggling to clear into Asia where balances appear looser.
• We still see generally pressure ahead on the North Sea market.
Physical crude remains somewhat divergent with North Sea/ICE Brent remaining the outlier and Rest of World apparently fairly weak. In fact Dubai swap spreads took a notable downturn late last week, which has pushed Brent/Dubai even wider.
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