*API Predicts Another Inventory Fall*
The API released their prediction last night that US crude stocks fell by 8.3 million bbls, contrary to analysts’ expectations of a 2.1 million decline. These predictions have added to positive moves this morning, as Brent moved further above $43. The EIA will announce their figures today at 3.30pm UK time.
*Strong H2 Predicted for HSFO*
June sales of high sulphur fuel oil rose 8.68% from May, recording its highest sales figures for 2020. With tight demand for the product along with the increasing number of completed installations of scrubbers, demand looks strong going into the second half of the year.
*Libyan Civil War Threatening to Spread*
The eastern based rival government to the internationally recognised Government of National Accord (GNA) has asked Egypt to intervene in its Civil War. It has justified this move by pushing the need to counter Turkish support for the western GNA. This civil discord since 2014 has had a major impact on the country’s oil exports and with new calls for foreign intervention a return to normality looks a long way away.