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The Commodities Feed: Further European gas disruptions
Oil markets continued to strengthen yesterday. ICE Brent settled 1.28% higher on the day, taking it back above $85/bbl. This is the market's strongest close since late April. While a broader risk-on move has proved supportive for oil, there are also some signs of strength in the physical market. The prompt ICE Brent time spread has strengthened, while the Dated to Frontline Brent (DFL) swap has moved deeper into positive territory and to its highest level since early May. This is after the DFL swap ventured into negative territory in late May/early June. Our balance shows the market tightening in the third quarter of ... (full story)