North Sea Oil’s Bullish Phase Looks Set to Pass With US Influx
A sudden and surprising upturn in the world’s most important oil price may be set to ease off thanks to an influx of supply from the US.
Over the past eight trading sessions, Trafigura Group and Gunvor Group have been bidding heavily for grades of crude oil that define Dated Brent during a pricing window organized by S&P Global Commodity Insights, better known by oil traders as Platts. Their actions drove up the premiums that those crude fetch, a sign of bullishness. Prior to that, the market had been dominated by sellers and appeared weak.