In our latest crude market commentary:
> Flat price reacted little this morning, as OPEC+ voluntary cut roll-overs were already expected
> The North Sea/Atlantic Basin continues bearing the brunt of oversupply pressure for now, but Dubai structure is also weakening fast. The EFS continues to plummet
> Dubai structure and Murban premiums weakening on competition (at least on paper) from Atlantic grades
> An overhang of NWE cargoes may need new outlets short term, with our USAC destination showing Brent-linked crude competing increasingly well
> WTI/Brent may need to cool short term to stave off the above pressure
