Rory Johnston: Brent crude rises above $109 as morning rally continues

Rory Johnston: Brent crude rises above $109 as morning rally continues
Brent crude rebounds above 109 dollars

Brent crude moved back above $109 in the morning session after pulling back overnight. Rory Johnston reported that DFLs nearly returned to $6 per barrel in backwardation, recovering from last week's levels near $3.

Earlier this month, Rory Johnston observed a bearish divergence between the flat prompt Brent crude futures price and the related prompt timespreads, as reported in a prior article. Last week, he also highlighted that U.S. commercial petroleum stocks posted their largest weekly decline since April, falling by 13.4 million barrels according to his report. These developments have contributed to ongoing attention on supply and pricing trends in global oil markets.

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