19 September 2024: 16:30 BST
Flat price has surged back over $75/bbl for the first time since 3 September. Hip, hip, Hurrah. 💰Everything was up in the window, Brent front spreads up 10c and physical diffs remained elevated around $1.50. Chinese are in buying. We are all titillated. Petroineos were bidding across grades in the window today, Midland, Forties and Ekofisk, they weren’t picky. The aggressive bidding builds on a rebounding market buoyed by Fed rate cuts and geopolitical premium. But how long can this last given the difficulties facing refineries and lacklustre demand growth? Refiners are selling back crude, reportedly cutting runs and some even face insolvency. In the window Exxon, the opportunist, offered Forties at Dated +$1.
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