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Latest Analysis / Short-term Global Oil Service

Weekly Fundamentals - Crude prices increase as global oil balances are set to tighten further

Published: 3 June, 2021

Highlights:

  • ICE Brent M1/M12 backwardations increases due to uncertainty in US/Iran talks
  • Brent/Dubai EFS increases slightly across the curve
  • WTI/Brent diff continues to narrow – temporary downwards pressure to return in 3Q
  • Urals discounts narrow at the end of May – little upside from current levels ...

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