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The risk of geopolitical disruption to oil supply at a time of already tight inventories due to the strong post-pandemic recovery has sent the premium commanded by barrels for prompt delivery soaring, suggesting the current price rally has further to run. Under this “backwardated” market structure, the current price is higher than that of later-dated ...
© Reuters. FILE PHOTO: A GOI company truck is seen next to fuel pumps at a Cepsa petrol station in Cuevas del Becerro, Spain, November 29, 2021. REUTE
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By Bozorgmehr Sharafedin LONDON (Reuters) - The risk of geopolitical disruption to oil supply at a time of already tight inventories due to the strong post-pandemic recovery has sent the premium commanded by barrels for prompt delivery soaring, suggesting the current price rally has further to run.
Sentiment is bullish on the back of brisk economic activity, strong corporate profits and “very high oil prices,” Nomura’s Tarek Fadlallah said.