Jun Brent futures flat price remained rangebound around $89.50/bbl until 13:15 BST today, following which the contract sold off and reached $87.60/bbl come 17:20 BST (time of writing). In a joint statement earlier today, Saudi Arabia and the United Arab Emirates called for “self-restraint” in the Middle East in the face of the “dangers of war and its dire consequences”. The statement comes amid Israel still weighing a response to Iran’s attack last Saturday night. EIA stats for the week to Apr 12 announced a 2.7mbbls build in US crude oil inventories against median estimates of a build of 1.6mbbls. Cushing storage witnessed a 33kbbls build in the same week. By contrast, gasoline and distillates saw stock draws of 1.6mbbls and 2.5mbbls, respectively. Finally, the front-month and six-month Brent futures spreads are currently at $0.68/bbl and $4.02/bbl, respectively.
