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The Commodities Feed: Middle distillate strength
Oil prices closed marginally lower yesterday. However, gasoil cracks remain firm, suggesting a tight middle distillate market. Natural gas prices came under pressure on the back of forecasts for milder weather. Energy - natural gas declines: Despite oil prices edging slightly lower yesterday, ICE Brent remains comfortably above US$80/bbl. And while the prompt Brent time spread weakened yesterday, the general trend this year has been for the spread to move into deeper backwardation, suggesting that the market is tightening. Our balance sheet suggests that we will be seeing marginal tightening, with the market in a ... (full story)
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- Posted: Feb 12, 2024 7:59pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 244
