Stocks dynamics remains mysterious
Global crude stocks are the subject of interest for many market participants lately. Sattelite imagery providers are reporting steep draws since November, especially Kayrros. On the other…
ICE Brent prompt contract recovered to 63.6 $/b on early Thursday after a loss on Wednesday. The EIA weekly report showed a rapidly improving US demand, with gasoline and jet outperforming expectations. Biden’s $2 trillion economic stimulus package showed a growing emphasis on road infrastructure, which will likely have a bullish outlook for industrial commodities and crude oil. Today’s OPEC ministerial meeting should yield a rollover of the production agreement.
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