It seems like the North Sea crude market has begun to gasp for air after drowning in a very weak May. The market has been panicky and fear has been palpable in unusually aggressive selling as it seems the final bullish lifeboat has left and players have committed to June’s unmitigated sinking. April and May’s cargoes were weak due to refinery turnarounds so everyone expected June to be better bid. However, demand was so weak post-turnaround that the weakness has almost turned self-fulfilling as it spooks the market which in turn is more bearish.
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