Physical crude on the cusp of a bullish run higher
Commentary summary:
• Forties, Agbami workable into the East; WTI looks a little expensive in Europe for now, but perhaps not for long.
• A swathe of WoS and EoS sour crude are landing within a narrow range into Far East.
• The move to seasonal max runs across the globe could surprise the physical market.
A temporary lowering of US-China tariffs will undoubtedly spur bullishness in wider equities for a spell and also push crude flat price higher.
Here in the prompt world of oil, margins are still very reasonable indeed, time-spreads are recovering, and there are signs of early crude stockdraws out there in the market (e.g. in the US).
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