Will Cunliffe
Research Analyst, The Officials
What a poor performance!
Another weak day in the North Sea, performance issues in the Gulf and continued tightening of the product market
Another weak day in the North Sea, performance issues in the Gulf and continued tightening of the product market
After the choppiness of this morning around the Asian window, flat price gradually declined through the session. By the European close, it had fallen back to $83.50/bbl. The North Sea remains becalmed, at least in the Dated Brent window. At last some change! ConocoPhillips appeared, offering Midland for 11-15 Aug at Dated +$1.80. BP finally stopped offering Brent and instead offered 5-7 Aug Troll at Dated +$2.05. Equinor returned bidding Johan Sverdrup, this time at $2 over Dated for 31 Jul-2 Aug and 5-7 Aug. The physical differential only strengthened marginally, up to -$1.405
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