Will Cunliffe
Research Analyst, The Officials
How low can you go?
Gasoline flat prices and cracks are experiencing diverging fortunes; US shale operators are tentatively amping up production and the UK has
Gasoline flat prices and cracks are experiencing diverging fortunes; US shale operators are tentatively amping up production and the UK has a renewable energy conundrum.
Peace torpedoed prices! Crude dropped a good few bucks at the open and Brent kept sliding throughout the session, dipping to $83.17/bbl at the European close – the lowest London close since 4 March! WTI was even flirting with a dip below the $80 mark, slipping and sliding in the European afternoon. The North Sea market seemed shell shocked today, as the window opened without so much as a whisper. The physical players took a time out and the Dated window passed without a bid or offer. In the absence of activity, the physical differential rolled up slightly to 57.5c. BP was aggressively bidding and lifting in Aug Cash BFOE, while Mercuria offered.
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