The physical crude market is lacking traction from refiners' buying and does not yet point to the demand surge that most forecasters expect over the summer. Energy Intelligence balances show that the recent Opec-plus deal is set to dig a deeper supply deficit of 2.2 million barrels per day in the second half of 2024. This should be enough to keep Brent well north of $80 per barrel and entice refiners to scour the spot market for available barrels. Instead, they are debating run cuts in response to falling or, at best, stagnating margins. Prompt demand remains subdued — the Atlantic Basin shows a supply overhang, and ... (full story)