Jul Brent crude flat price was supported in the early morning from $83/bbl to $83.65/bbl at 11:30 BST (time of writing) with low volumes traded due to the UK Bank Holiday. Saudi Aramco has raised the OSP for all grades it exports to Asia. Arab light for Jun delivery has increased by 90c/bbl to $2.90/bbl. This is the third consecutive month of price hikes from Saudi Aramco. The latest ceasefire negotiations in Egypt have ended without agreement. The CFTC data for Brent for the week to Apr 30 shows money managers added 9mbbls (2.5%) of length and short-positioned funds removed 8mbbls (9.6%). Prod/merc players removed both long and short positions by 78mbbls (8.5%) and 75mbbls (5.0%) respectively. The front (Jul/Aug) and 6-month (Jul/Jan) Brent futures spreads are at $0.56/bbl and $3.27/bbl respectively.
