US spot prices drop as futures complex turns bearish.

摘要

Spot product prices fell in the week to June 24 as the futures complex weakened after the IEA announced a release of emergency crude stockpiles. Also, high domestic refinery utilization rates pressured down spot prices. In order to ease supply strains, particularly from disruptions in Libyan exports, the IEA announced on Thursday that it will discharge 60MM bbl of government-held emergency oil reserves. Following this announcement, futures and prompt prices tumbled.