By Georgina McCartney, ******* hree Mukherjee and Robert Harvey
HOUSTON/LONDON, June 25 (Reuters) - A short-term glut has pushed oil futures back to pre-war levels as Middle East exports jump, ******* ysts said and price data show, but returning demand and a slow normalisation could tighten the market next year.
August Brent futures traded around $73 a barrel on Thursday, their lowest since February 27 and 41 cents below September futures.
Prompt prices trading below later contracts — known as contango — signal ample supply in the market.
"The mini tsunami currently seen following the reopening of the Strait of Hormuz has moved the market from missing barrels to choking on barrels, so the near term focus will be squarely on this wall of barrels and how long it will take for it to be absorbed," Saxo Bank ******* yst Ole Hansen told Reuters.
HOUSTON/LONDON, June 25 (Reuters) - A short-term glut has pushed oil futures back to pre-war levels as Middle East exports jump, ******* ysts said and price data show, but returning demand and a slow normalisation could tighten the market next year.
August Brent futures traded around $73 a barrel on Thursday, their lowest since February 27 and 41 cents below September futures.
Prompt prices trading below later contracts — known as contango — signal ample supply in the market.
"The mini tsunami currently seen following the reopening of the Strait of Hormuz has moved the market from missing barrels to choking on barrels, so the near term focus will be squarely on this wall of barrels and how long it will take for it to be absorbed," Saxo Bank ******* yst Ole Hansen told Reuters.
1 month ago
