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Strong Refining Demand Underpins North Sea Trade

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  • August North Sea crude exports are down 5% on the month, to 735,000 b/d, with more Sverdrup parceled for short-haul destinations.

  • The dated Brent complex remains in bullish shape with aggressive bidding from paper players adding to prompt strength.

  • The refining sector will remain the core price driver in the short-term since seasonal demand is undeterred by lofty prices.

North Sea spot prices have been on a bull run since May, coinciding with the start of the driving season. Record-high margins are enticing refiners to run as hard as they can to crank out transportation fuels and revert a decline in inventories.

Topics:
Oil Spot Markets, Oil Trade, Oil Supply
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