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As headline oil prices edge ever closer to $90 a barrel, there’s little sign of a let up in the day-to-day demand that’s underpinned the rally.
Across the global market, record crude demand has driven up the premiums that traders pay to get cargoes.
The differentials for spot cargoes from the Middle East have surged in recent days as buyers in China grab supplies. In the North Sea, a vital window has seen a spate of bidding, while Asian buyers have also bought millions of barrels of US crude. Those are all signs that the latest cycle is off to a strong start, even as Chinese data highlight its economic challenges remain potent.
The move comes as refining margins — the profit processors make from buying crude and making fuels — have increased in recent weeks. The International Energy Agency said on Friday that global oil consumption surged to a record in June and should rise further on average later in the year.
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