Will Cunliffe
Research Analyst, The Officials
Green screen
Prices are flashing green this morning, the UAE is ramping up its global diversification strategy while exports soar, Shell's boasting stron
Prices are flashing green this morning, the UAE is ramping up its global diversification strategy while exports soar, Shell's boasting strong gas trading results and upstream production while soybeans could prove to be the catalyst in thawing US and China trade relations.
A day in the green! Prompt Brent even climbed to just over $73 after 08:00 BST. The curve structure even found some support, as spreads firmed up and the Nov/Dec spread even returned to a few cents of backwardation! Anyone thinking the Strait is safe again should count the continuing incidents. UKMTO reported a strike on a Qatar-linked LNG tanker late last night, off the coast of Oman. There’s another convoy of ships heading for the southern exit route! Yesterday, it was mainly Japan-linked vessels making the transit and this conglomeration is predominantly made up of Malaysian-flagged tankers. They’re followed by a couple of container/bulk ships. The whole parade is signalling their destination as either Fujairah or Khor Fakkan – there’s still a huge collection of tankers and other ship types clustered off these ports.
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