On 17 June, the world went to sleep with the physical differential still in sub-zero territory at -30c/bbl and woke to a whole new regime with the physical diff bid above 1c/bbl. This shift turned starker over the past week, with the physical diff rallying to 128.50c/bbl on 24 June. The July DFL also saw a significant rally from around -48c/bbl a fortnight ago to +93c/bbl this week.
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