With the US closed trading was thin and the underlying sentiment remains buoyant and hopeful. In a welcome development the product contracts rose significantly with ICE Gasoil now firmly in backwardation.
Renewed Ukrainian assaults on Russian oil installations and conducive macroeconomic backdrop helped oil prices continue their upward journey.
It is axiomatic that if China is infected with an economic virus, the whole would feel the repercussions. Yesterday was the exception that proved the rule. Industrial output, the backbone of the world’s second biggest economy, expanded less in May than in April and came in under forecas
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