Will Cunliffe
Research Analyst, The Officials
Going to a hunner?
Dated Brent is finding support as CPC loadings have been halted at Novorossiysk, global inventory buffers are tightening and Europe is feeli
Dated Brent is finding support as CPC loadings have been halted at Novorossiysk, global inventory buffers are tightening and Europe is feeling the squeeze in the product market.
Brent flat price went as high as $92/bbl this afternoon and Dated suddenly got support! The tanker attacks in the Black Sea have forced a halt to CPC loadings at Novorossiysk, which is rippling back through the chain. Sources say tanks are nearly at capacity, which could force production cuts in Kazakhstan as the system gets backed up from the only meaningful outlet it has. One source suggested this may allow for maintenance, having been postponed in June. The CFD curve rallied throughout. Even the balweek contract rose into positivity and kept surging to well over $1 – it was at -67c at 09:00 BST today! The rolls are now all into backwardation, except the balweek/W1.
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