Will Cunliffe
Research Analyst, The Officials
Running out of steam
The juries out on how long the latest 'ceasefire' will last, traffic in the Bab el-Mandeb has slowed but tankers are still crossing and Chin
The juries out on how long the latest 'ceasefire' will last, traffic in the Bab el-Mandeb has slowed but tankers are still crossing and Chinese crude imports are set to rebound but not to the extent the bulls would of hoped for.
How long this ‘ceasefire’ lasts is up for debate. Probably, until Trump’s war factories have built up the next missile batch. Market sources are largely sceptical over the prospects for peace having been burned by hope multiple times already. The Americans have nearly exhausted their missile supplies, despite whatever Trump claims. Market sources are fed up with the constant back and forth, and the bombing endangering oil supplies. Thanks to the informal reduction of strikes in both directions, structures continued to drop off hard in today’s Asian session after Friday’s weakening. The prompt spread opened much lower and traded down until the close at $3.97/bbl. Even so, Brent is still outperforming Dubai, as the Aug Brent/Dubai swap rose further to $7.68 by the close
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