Will Cunliffe
Research Analyst, The Officials
Empty threats
Trump's threatening bluster fell on death ears as prices tumbled, sources tell us CPC loadings resumed today, Russia's gasoline export ban i
Trump's threatening bluster fell on death ears as prices tumbled, sources tell us CPC loadings resumed today, Russia's gasoline export ban is to last until at least the end of the year and marine markets are coming under strain.
Clinging onto the $90s… almost! Sep Brent hung on into the window but eventually dropped to reach the European close at $89.47/bbl. Even Trump’s comments threatening powerful military action if negotiations don’t work out fast couldn’t prop up prices. The structure weakened massively too, dropping hard from Friday and eventually finding some support near $3.10. Everybody knows he is a spent force with no more weapons to bomb in masse. Americans are done and the outcome of the third round is worse than before. Every attack weakens the US and strengthens the Iranians. Funny world, isn't it? Along with (perhaps misplaced) optimism over reduced US-Iran fighting, market sources told The Officials CPC loadings resumed today, with new tankers berthing. The return of CPC after a week’s outage combined with the market’s apparently blind optimism weighed heavily on Dated Brent. CFDs plummeted down the curve, compounding Friday’s hefty drop.
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Benchmark reports published at the end of the London trading day.
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