Market Update
The Dated Brent market saw an impressive rally and was buoyed to even further heights after a very brief foray into contango territory. To borrow from the IEA, the market saw “Olympic levels of volatility” in the past month. Demonstrating this, the physical differential fell from $1.14/bbl on 2 August to -$0.19/bbl on 6 August before rising to $1.70/bbl on 12 August, reaching its highest level since February.
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