Interesting18 Feb 2021 09:59
The supply shock is aiding an already frothy global oil market and is starting to alter global energy flows, with traders snapping up ocean-going tankers to haul millions of barrels of European diesel to the U.S. Adding to the upward momentum, the American Petroleum Institute reported an almost 6 million-barrel drop in U.S. crude stockpiles before official government data due later on Thursday. Brent’s prompt timespread moved further into a bullish backwardation structure, reflecting the tightening global supply backdrop.