GRAPHIC-North Sea oil market waves red flag at Brent bulls
“The pressure that we’ve seen since end of last week in the North Sea market is a very bearish flag for Brent futures timespreads,” Petromatrix strategist Olivier Jakob said.
…“When we had the hurricane disruptions, that translated into strong margins and disruptions to U.S. crude exports. So on that basis, it made sense to speculate on strength in the North Sea market. Since then, U.S. refiners are coming back and U.S. exports last week were at a record high on a weekly basis,” Petromatrix’s Jakob said.