“The fact that Dec. 5 is not injecting any premium suggests the market is sanguine there will be no major supply disruption, at least nothing on a sustained basis,” said Vandana Hari, founder of Vanda Insights in Singapore. on Friday amid further signs from China that anti-virus restrictions in key cities are multiplying as officials seek to quell Covid-19 outbreaks.
With physical trading this month mostly concluded for January-loading cargoes, spot premiums for key Persian Gulf grades have declined sharply. While China’s Rongsheng Petrochemical Co. did purchase about 7 million barrels mid-month, that wasn’t enough to lift the sentiment, traders of those grades said.
Meanwhile, another physical market indicator — inter-month Dubai swaps — was in a contango early Friday, signaling bearishness for December through April, before flipping back to a slightly backwardated structure, PVM Oil Associates data showed. Before this week, the last time it was in contango was in April 2021.
Brent traded at near $87 a barrel on Friday after hitting $82.31 on Monday, the lowest intraday price since January.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
مصدر: BusinessMirror - 🏆 19. / 59 اقرأ أكثر »