Oil prices globally have been firmly above $80 per barrel, however, the market at large has kept surprisingly mum about the key factor in the price rally of July-August, namely Saudi Arabia’s voluntary production cuts. Happening at a time of strong demand and low inventories, the output curbs sent backwardation spiraling again so that the Dubai cash-to-futures spread is back to $2 per barrel, all the while providing constant support for refining margins around the world.
Were it not for Riyadh, the pressure on refiners would have been…Saudi Arabia Reaps The Benefits Of Steepening Backwardation
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