Javier Blas: Physical oil market strengthens as Asian refiners increase spot purchases

Javier Blas: Physical oil market strengthens as Asian refiners increase spot purchases
Oil market rebounds as Asian buyers act

Javier Blas reports that the physical oil market is regaining strength after experiencing a slump earlier this week.

He highlights that increased spot purchases by Asian refiners have contributed to the rebound, with North Sea and West African (WAF) premia moving higher. However, values remain well below the levels recorded in early to mid April.

Earlier this month, Javier Blas reported that China quietly reduced its oil imports, influencing global crude flows. U.S. supply has also responded to price moves, with DiamondBack Energy planning to boost shale output after oil topped $80 a barrel. These developments have shaped the context for recent swings in the physical oil market.

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