Crude prices rally, supported by product markets

Oil
February 4, 2021

Brent prompt futures reached 59 $/b on early Thursday, despite a rally in the dollar as global inventories dwindled and OPEC+ member were renewing their commitments towards a swift market rebalancing. However, the crude draws in the US were combined with a surge in gasoline stocks, as US demand continues to disappoint.

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Crude prices rally, supported by product markets

You might also read :

Profit taking drove EUAs back in middle of the trading range

Prices rose again as Russian supply should fall further

Eurozone inflation still rising ahead of ECB meeting

Simplifying energy markets