Will Cunliffe
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Dubai sees more convergences, Brent is holding at $65-$66, all that while precious metals hit new all time highs!
It’s getting choppy. A Dubai trader said, “[Feb] Brent/Dubai is swinging around like crazy… 7 am we were at 87, then rallied to 1.14 and then came back down to 92!” And now near $1.20. You can’t even take a view on fundamentals anymore! Brent/Dubai is up, despite news that the SPM3 is operational and has been loading ships, and that Tengiz has started a gradual resumption of production – all of which should have been bearish Dated/Dubai and Brent/Dubai too!
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