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Oil Price - Oil surplus and time spreads – ING
"However, one must ask whether the large surplus the market expected in the fourth quarter will materialise. While our oil balance indicates that the oil market will be in a large surplus in 4Q25, the ICE Brent forward curve tells a slightly different story.
Global Oil Prices Flat As US–Japan Pact Eases Tensions, EU–China Summit Looms
The market had been rattled after the EU signalled it may pursue countermeasures against US tariffs, dampening expectations for a breakthrough in negotiations ahead of the August 1 deadline.