Whilst the underlying risk is currently firmly skewed to the upside the daily activity in the oil market, it appears, is almost exclusively dominated by the perpetually changing view on the distillate/crude oil spread.
Oil steps into the morning firm but with an air of uncertainty as it faces a few days and news cycles that will have a great influence on its current destiny.
The major price driver in our market last week was the decision by the two OPEC+ heavyweights and now seemingly inseparable allies, Saudi Arabia, and Russia, to extend production/exports constraints totalling 1.3 mbpd until the end of the year.
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