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Short-term Global Oil Service
Weekly Fundamentals - Crude prices increase due to US/Iran deal uncertainty, though likelihood of agreement has increased today
Published: 27 May, 2021
Highlights:
- ICE Brent M1/M12 backwardation increases w-o-w; further upside will emerge if a US/Iran deal is reached
- Brent/Dubai EFS facing headwinds from product markets and weak Brent spreads
- WTI/Brent to narrow further – but temporary downwards pressure will return in 3Q21
- Urals discounts not seen ...
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