Why it is moving
The market is absorbing information on actual demand erosion from China, as indicated by refiners skipping contracted term cargoes, combined with constrained supply from Saudi Arabia. This is a signal to monitor in the context of the typically high-demand summer season.
Driver data is partial
Some drivers have no confirmed source evidence yet, read those as context, not confirmation.
Main drivers
Weaker crude demand from Chinese refiners.
No confirmed source evidence yet.
Constraints on contracted term crude flows from Saudi Arabia.
No confirmed source evidence yet.
Concerns over global energy demand outlook in the Asian market.
No confirmed source evidence yet.
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