13 days ago • Posted by William Ramstein
Suez canal creates uncertainties in the oil markets
The Suez canal was blocked by a large ship, which was recently put forthright. The rates for tankers have increase boosting the cost of shipping crude around the world. Brent’s prompt timespread was 17 cents in backwardation. While that’s a bullish pattern -- with near-term prices above those further out -- it’s down from 67 cents at the start of March.