In our latest crude market commentary:
> Geopolitcs pushing ICE Brent higher despite managed money net length and weak products markets
> WTI/Brent still looks set to narrow, with WTI landing cheaply into its typical destinations and Cushing stocks falling further
> Margins have been ticking lower globally, but the Far East in particular looks difficult to economically arb in West of Suez crude grades
> Outright price risk is now firmly stacked to the upside in the short-term, driven by supply-side restraint (OPEC+) or disruption
