Will Cunliffe
Research Analyst, Flux
Rolling back the months!
Brent breaks to $70, backwardation strengthens and the super glut talk is disappearing as product stocks dwindle...
Brent breaks to $70, backwardation strengthens and the super glut talk is disappearing as product stocks dwindle...
People were calling for sub-$60 Brent and now we are at $70!! It reached $70.35/bbl before retracing slightly to close at $69.37/bbl, while the prompt spread hit a high of $1.17/bbl. War fears are hiking the price – a quick survey of market sources shows many think the US will strike Iran, prompting a violent reaction.
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