Sentiment in Dated Brent remained hopeful in the week leading up to the August Brent futures expiry and sustained this strength for a few days following expiry, after which things cratered very quickly. The physical differential hit above 120c/bbl in the week leading up to the August Brent futures expiry. The bulls were invigorated by Gunvor and Trafigura, bidding up every grade and injecting fresh life into the market. Post-expiry, the Trafigura bids disappeared, and Gunvor flipped to sell-side aggression, hitting two Midland cargo bids.
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