Short July/Aug 0.5 Sing
Oil refiners across Asia are bringing back some idled capacity after maintenance, As much as 400,000 barrels of daily capacity, or more than 10% of what was taken down last month, will return to service in June after heavy maintenance season. This will increase supply and extra barrels will flood the market, while demand still seems to be lacklustre for LSFO. Therefore we believe July will be bearish compared to Aug due to the initial increase and more pressure on the front of the curve.
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