1. Defying Weakness in WTI and Brent, Dubai Soars to Prominence- The Brent/Dubai exchange of futures for swaps spread, a key indicator of arbitrage from Europe to Asia, narrowed to a 2-year low recently and slightly even dipped below zero this week. - A strong Middle Eastern benchmark is largely coming from Saudi Arabia’s 1 million b/d production cut pledge as well as higher availability of US crude in Europe pushing down the NW European market.
- Chinese refiners have resumed purchases of North Sea crudes as several VLCCs have loaded in…Russia Sees Natural Gas Revenues Collapse
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