Brent closed at $41.90. As of Thursday, oil markets are now in backwardation for the first time since March, ie immediate delivery costs more than contracts for a later date. Considering WTI went negative not long ago, that’s a stunning turn around from the days of contango fandango. I’m not sure how much longer SXY can remain so undervalued?
Ann: Senex completes $400m transformational Surat gas project, page-32
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