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Latest Analysis / Short-term Global Oil Service

Weekly Fundamentals - Upward momentum in crude prices continues; Asian demand facing near-term downside risk

Published: 10 June, 2021

Highlights:

  • JPCOA negotiations will resume on Saturday (12 June), just six days before Iran’s elections
  • ICE Brent prompt backwardation increases, further upside ahead
  • WTI/Brent differential remains narrow because of tight US crude supply balance
  • Urals discounts widen but seen narrowing again in early 3Q 2021

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