Maritime Insurance Thaw

Following the peace signature, maritime insurers have begun reviewing war-risk surcharges. The expectation of lower transportation costs is being immediately priced into the spot market for North Sea and West African grades.

The Inventory Gap

While the sell-off is aggressive, the global inventory hole created over the last 70 days still exists. Refiners warn that the physical market will remain 'sticky' until the first few million barrels of idled crude actually arrive at European ports.