The oil markets have come full circle. In a year that saw the Russia-Ukraine war disrupt crude flows across the globe, oil supply tightness bring backwardation to it steepest in history and China’s coronavirus lockdown hamper Asian demand, we are back to Brent trading around the $80 per barrel mark, almost exactly where this 2022 started. This is certainly good news for refiners who can now procure cheaper feedstock, however for Middle Eastern heavyweights still also presents a dilemma, especially now that China’s opening is in doubt amidst soaring infections that forced Beijing to stop reporting COVID numbers. As we ... (full story)