Dated Brent is priced at a fresh seven year high of $98.20/b

Forties crude at all-time highs, refiners willing to pay huge premiums

The tightest market in years is sending the market into steep backwardation

Demand for physical oil shipments has hit its highest level in over a decade in Europe and the Mediterranean, where refiners hit by shrinking inventories are helping push the price of Brent crude to $100/b with immediate delivery.

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