Loading…
ICE Brent traded near US$65/bbl, supported by positive sentiment around the US-China phase one trade deal. Brent's prompt time spread stayed deep in backwardation, and European gasoil cracks rose above US$16/bbl on French refinery outages and strikes.
Expected 1H20 surplus and weak refinery margins point to downward pressure on crude, while French supply disruptions tighten diesel and gasoil markets. Energy price moves feed into biofuel and feed-transport costs.
think.ing.comWarren PattersonDec 17, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
