Brent edged lower to $101/barrel but the physical oil market has been moving in the opposite direction, with Dated Brent (which should technically underpin ICE Brent’s moves) jumping above $120/barrel. The physical market is a lot tighter.
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Dated Brent Above $120 Signals a Serious Oil Squeeze | OilPrice.com
Physical oil markets tighten sharply as Dated Brent surges above $120 despite ICE Brent slipping toward $101.