Will Cunliffe
Research Analyst, The Officials
Prices are all over the shop
There's major refinery trouble in the ME, Libya had a short-lived production scare, CPC restarts and the bunker situation is deteriorating.
There's major refinery trouble in the ME, Libya had a short-lived production scare, CPC restarts and the bunker situation is deteriorating.
All the noise of today with refinery issues, protests and diplomatic meetings – more on these later – seemed to have little impact on prices. Brent dropped in the Asian session then firmed up in the European. But the window was extremely weak, and prices dropped two bucks in 30 minutes – to close at $84.60/bbl. Reports that Oman agreed Iran could demand “voluntary” payments for Hormuz transits were followed up with more Trumpian bluster and nonsense. He wants to speak his thoughts into reality, but what really matters is on the ground. And on the ground, as well as the Saudis, Kuwait is having trouble with refineries. The Al Zour return has been postponed; IIR puts a tentative restart date of 10 August, with Jazan on 15 August.
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Benchmark reports published at the end of the London trading day.
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