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US RBOB prices lift the global oil complex – EnergyScan

US RBOB prices lift the global oil complex

Brent prompt future contract rallied to 66.2 $/b, as product buyers aggressively bid gasoline resources in the US to secure to supply in those highly uncertain conditions, lifting the potential for crude prices to rally. The market consensus anticipates steep draws in US petroleum markets.  

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Backwardation is widening

The Brent contract change has caused the 1st-nearby to lose nearly $2/b due to the extremely sharp backwardation. It is trading below $89.5/b this morning. Backwardation…
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