Tariff bull threat meets signs of a weakening physical market
Commentary summary:
• Uncertainty reigns on Russian de-facto sanctions, risk is clearly higher.
• US inventory data has been bearish for some weeks now, despite some mitigating factors.
• Gasoil pricing has mean reverted with panic over, and so should the hot Dubai market, unless sanctions threats remain in place.
If substantial tariffs are soon to be added to Russian oil buyers like India, a threat which has been growing steadily for a week or two, then the market reaction will needless to say be hefty.
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