Holding pattern as Ukraine attacks mount
Commentary Summary:
– Brent-linked crude sees urgency to arb East.
– AG spot premiums held weaker than ytd averages as Asia cycle kicked off tepidly.
– WTI looks too expensive globally, and could stay that way short-term.
As seems typical for the year, the market has problems pulling in opposing directions. It does seem there is ample crude supply globally, but we need to see continued strong stock-builds in the US before we can get contango at the prompt.
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