Will Cunliffe
Research Analyst, The Officials
Ready, set, flow!
Prices continue to get hammered, the Moscow refinery has been decimated, Europe has turned its jet fuel problem around and Warsh’s first FOM
Prices continue to get hammered, the Moscow refinery has been decimated, Europe has turned its jet fuel problem around and Warsh’s first FOMC was an eventful one!
The Strait is open! And Vance says 12.5 mil bbls went out with the flood expected to accelerate in coming days. 60 days will be without any fees, so hurry up! Some shippers are tentative but that is for the weak kneed because the Iranians are not shooting anybody. They are getting their money other ways. 🤣 Trump says he does not want to steal their money, so the world will reset and that is a good thing. Energy and other commodities are falling as they should. Brent kept dropping through today’s session, reaching the close at $77.26/bbl. There’s pressure on physical too, as the Dated Brent physical differential dropped again to 43c/bbl. Totsa continued to bid that 6-10 July Midland cargo, without much energy, at $1.60 over Dated. Repsol offered 17-21 Jul Midland again, this time at Dated +$1.95, which got lifted by Petraco.
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