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BRENT spot prices and especially calendar spreads have softened significantly and are now trading at or below levels prevailing immediately before Russia’s invasion of Ukraine. China’s coronavirus outbreaks and lockdowns, signs of a business cycle slowdown in Europe and North America, and the massive offer of 240 million barrels from strategic stocks by the United States and its allies have all weighed on futures near to expiry:
BRENT futures for delivery in July 2022 – the impact of the business cycle and epidemic waves on oil prices:
U.S. GASOLINE and diesel prices at the pump are still elevated despite the reduction in crude futures prices as fuel inventories remain low:
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