In hindsight, June 2022 might go down as the last month when the markets at large were still yet to go into full panic, acknowledging economic recession as a necessity but not yet succumbing to a spiral of fear and agitation. The pricing of August-loading grades coming from the Middle East still reflects that feeling when China was still expected to finally come back from its lockdown-induced demand slump when the global shortage of supply still kept market fundamentals extremely tight. As we will see below, August 2022 will see many grades reach…
