As the country is gripped with the patriotism that can only come with international football success and anti-Spanish rhetoric that I haven’t heard since Oliver Cromwell, Brent has taken a bit of a dive. Volumes are thin, and price action in many products has been about as exciting as the group stages. The UK GDP, lifted by barrels of pints bought over the past few weeks (and whatever people outside of Onyx have bought) may be a silver lining. Bets on rate cuts have been slashed on both sides of the pond on Sterling strength (not strong enough to be in the squad), and US inflation is significantly lower than expected. Maybe some of the England fans’ blind faith will inspire people to see from OPEC’s point of view and believe summer demand is here! There’s been a draw in crude, Cushing, and gasoline, and refineries in the US are being utilised more than sick notes on Monday morning. It’s an IEA vs. OPEC; pessimism vs. stubborn optimism; don’t get your hopes up vs. ITS COMING HOME kind of afternoon, so place your bets!
