Global oil market balances are a blind spot for the market. Despite eye-catching depletions in stocks at key hubs like Cushing and Fujairah, storage is stubbornly high. China’s uncertain appetite for another barrel-buying bonanza and a pool of excess diesel should keep oil watchers on high alert. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now After the April panic which saw Dated Brent collapse to close to $13/b and WTI turn briefly negative, a combination of unprecedented OPEC+ production cuts and record Chinese oil demand pushed the Brent physical oil benchmark to its highest in more than a year at beyond $62/b. The oil market structure is now in […]