Will Cunliffe
This market is on fire, products in particular are going bananas and so too are the east/west differentials, Japan has a serious currency issue but sources tell us relief is on the horizon.
This market is red hot! Flat prices, structures, cracks and diffs are all going crazy. Brent is up to near $95 for the first time since 11 June, the prompt spread rallied to over $4.65 – the strongest since May! – and Dubai is going pedal to the metal! Folks we have lift off and we are going to $100! The Officials have heard that ADNOC has asked some of its buyers to delay loadings from July to August. As we all know the situation in the Middle East is chili hot, and traders say the Iranians have blown up oil shuttle tankers and other vessels that were sailing through the Iranian gauntlet are now scared. July loadings from the Middle East are now imperiled both from Hormuz and from Bad al-Mandab following the US’ daily bombing on Iran. Bullish!!!
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