Will Cunliffe
Research Analyst, The Officials
Do the (con)tango!
Crude is super weak, Brent futures are in contango! European refiners are blinking out, Cushing is getting crushed and the number of transit
Crude is super weak, Brent futures are in contango! European refiners are blinking out, Cushing is getting crushed and the number of transits across the Strait are multiplying.
Crude is seriously weak. Brent futures are in contango; the Dubai physical premium is at its lowest we’ve ever assessed and the Dated Brent physical is plunging too! Brent flat price is down hard today, dropping to $73.56/bbl by the European close. WTI even dipped below $70! Pump prices had better drop fast or there’ll be hell to pay with Donnie! As prices approach the sixties, how long will it be until China is lured to come out and play again?! To be fair, governments with SPRs and CPRs sold at the highs and will replenish their inventories at roughly $40 dollar gain or more. Fantastic!
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