The Aug Brent flat price saw a positive afternoon starting from $83.00/bbl and rallying up to $84.80/bbl as at 16:40 BST. Much of the upward momentum across markets comes alongside Europe expecting rate cuts in Jun, with seven consecutive months of inflation printing under 3%. Markets further anticipate May figures due on Friday to provide further confirmation that the Eurozone is in a good place. With the U.S. Federal Reserve hinting they need more time to gauge the status of inflation last week, markets are keenly awaiting both inflation figures on Friday alongside the European Central Bank’s meeting on June 6th. The market will also be awaiting API stats due today at 21:30 BST and EIA stats due tomorrow at 15:30 BST for further insight into US crude oil inventories. Energy Transfer said on Tuesday it would buy WTG Midstream Holdings in a deal valued at about $3.25 billion, the latest acquisition in the midstream sector aimed at expanding the transportation and processing network in the Permian Basin. Finally, the Aug/Sep and Aug/Feb spreads are $0.42/bbl and $2.90/bbl, respectively.
