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As per the latest analytical piece from Bloomberg, mainly taking clues from the Futures trading data, the “June-July WTI time-spread, also known as the prompt cash roll, traded at 20 cents a barrel Tuesday, the strongest level since May 2020.”

“The spread serves as an indicator of supply-and-demand balances at the main U.S. crude storage hub in Cushing, Oklahoma. Its recent strength shows that inventories are tight just as oil refiners are ramping up output,” said the piece.

The report also suggests “a potential supply crunch just ahead of the busy summer driving season that sparks a demand surge.”

On the other hand, the Financial Times (FT) said, “Many fossil fuel-dependent economies will struggle to diversify despite intense pressure to hit 2050 targets.”

Read:  WTI holds in supply zone, eyes on correction to 21-day EMA