The Aug Brent Futures flat price has had a mixed morning, initially lingering around $77.50/bbl until 08:15 BST and then ticking up to $77.85/bbl at 09:05 BST. Following this, it fell to $77.20/bbl at 10:10 BST, then rose to $77.70/bbl by 10:50 BST, before falling to $77.40/bbl handles, where it sits as of 11:10 BST (time of writing). A group of Democrat US House lawmakers asked the DoJ to probe allegations of antitrust behaviour among US oil producers and OPEC, stating that the two largest US oil companies, ExxonMobil and Chevron, have been conspiring to keep fuel prices high. Stockpiles of oil products at the UAE’s Port of Fujairah have climbed 5.9% to 21.573mbbls, a six-week high, as of June 03 amid slow demand for fuel oil from the shipping sector and power plants. Taiwan’s Formas Petrochemical Corp plans to cut run rates at its crude distillation units by 40kbbls/d to 440kbbls/d in June due to weak refinery margins, predominantly for gasoline and gasoil. The front and 6-month spreads are $0.24/bbl and $1.86/bbl, respectively.
