The crude oil market has been running hot lately and is showing no signs of cooling, based on the latest trading insight from Bloomberg. Traders seem to have largely brushed off any adverse effects the Omicron wave might have on demand for crude and with a good reason: demand on the physical market has remained robust. The report cited the latest price movements for two Russian grades, Sokol and ESPO, the latter enjoying the particular favor of Chinese refiners, as well as the rising premium in Dubai crude contracts. Besides physical demand strength,…
