In our latest crude market commentary:
> Brent strength on geopolitics creates bigger hurdle for European crude to clear East
> Libya’s return, end of Kashagan maintenance sees light sweet avails shoot higher
> Refining margins have brightened but buying looks sluggish for now
> Worst case scenarios in the Middle East more likely, though workarounds are at hand
> Loss of Iranian crude would create substantial hole to be filled by spot medium (sour) crude into China. Aramco’s latest OSP hikes into Asia may even pre-empt this eventuality
