The July Brent futures flat price has completely shredded the gains it made this morning. Having begun the afternoon well-supported, the price rose from $82.35/bbl at 12:55 BST to $82.95/bbl at 14:30 BST, however it was then crushed down to $81.30/bbl handles, where it currently sits as of 17:10 BST (time of writing). US forecasters say the 2024 Atlantic hurricane season is shaping up to be “extraordinary”, where past experience with tropical storms cannot serve as a prologue; their prediction of an 85% chance for an above-average season is the highest the NOAA has ever issued in its May outlook. Texas’ power demand is set to break the May record amid a heat wave on Friday, which it could subsequently top again over the Memorial Day weekend as homes and businesses dial up their air conditioners. Additionally, Belgium has approved a ban on exporting cheap, low-quality fuel from its ports to West Africa, bringing export quality standard on motor fuel exports in line with the European domestic market, in a move that could shift trade flows to alternative supply hubs. The front and 6-month spreads are $0.21/bbl and $2.42/bbl, respectively.
