Markets are already looking ahead to the post-Omicron era
While the holiday season was marked by cautious optimism, given the risks associated with the surge in Covid cases around the world, the first market…
ICE Brent prompt month contract recovered to 68.5 $/b on Friday amid a rapid recovery of the Eurodollar, and a global recovery in equity prices as US bond yields declined back to 1.6%, despite widespread inflation concerns. Indian demand for the first part of May was likely to be down by 30%, compared to May 2019. Chinese refining runs in April were at 14.09 mb/d, slightly below our expectations, as low Asian margins likely reduced the Chinese product exports.
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