Risk merry-go-round continues
Commentary Summary:
• Dubai currently tells us there is more concern about a tightening sour market.
• Sustainability of more AG spot demand/sanctions impacts remains a key question mark; we think Dubai strength is close to peaking.
• Arb East is open, but that may mean less than normal given the backdrop.
There is plenty to talk over this week. Let’s split this into a general section, then move to the physical picture (I’ll let you the reader skip as needed).
#### General
There has been a lot of bullish impetus recently on paper. Equities are again on a run, major trade tensions are easing again (though will surely resurface at some point), OPEC+ have signalled a pause in hikes for Q1.
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