Will Cunliffe
Research Analyst, The Officials
The sky is the limit
Sep Brent futures and Dated Brent are both over $100! Lloyd's Market Association is making the Hormuz shakedown more expensive, Europe's big
Sep Brent futures and Dated Brent are both over $100! Lloyd's Market Association is making the Hormuz shakedown more expensive, Europe's big boys, Repsol and Total, are making serious money plus gasoil and jet are soaring high.
$100/bbl Brent is here once again, and Dated Brent is even higher! After opening in Asia this morning at below $96/bbl, a series of predictably provocative headlines from the orange man aided a swift rally throughout the European morning. Then after a break for lunch, but no time for Tacos, a renewed burst of energy saw it burst decidedly above $100/bbl, the first time since 26 May, closing at $100.95/bbl. The Brent prompt spread also went on a charge, hitting a peak of $6.68/bbl, the strongest since 4 May. What a bonkers window! The North Sea woke from its slumber in a big way, and it was Exxon driving the show, bidding up every grade in sight. The bonanza centred on CIF 12-16 Aug cargoes with bids for Brent at Dated +$5.35 plus Oseberg and Troll both at Dated +$7.05. Though all three bids were pulled before the close...
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