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OIL - Physical Oil Market Tightness Pushed Us To Go Long Oil
iPath Series B S&P GSCI Crude Oil
Note: This article was first released to HFI Research subscribers via our new premium oil market daily. This is the report we published.
The Brent timespreads increased again in backwardation with the 1-2 eclipsing $1/bbl earlier today. While the global oil market tightness is on full display, WTI timespreads continue to languish. Now there are reports refineries in the coast are being impacted by heavy rain so throughput may be down w-o-w. Nonetheless, with the 3-2-1 crack spreads at the highs for this time of the year, refinery throughput will increase leading to lower crude