EnergyScan

Margin squeeze

Brent prompt futures continued to rally to 54.7 $/b on early Thursday as Saudi Arabia guaranteed that their voluntary supply cut would last two months starting in February. The US weekly report reported rising refining runs leading to a large stocks draw of 8 mb. On the product side, US oil product markets weakened. Overall implied demand plummeted by 2.26 mb/d w/w. The recovery in Japanese runs halted, according to PAJ data, to 2.7 mb/d, as Japan wrestle with a hike in coronavirus cases. Finally, Canadian crude production has been ramping-up lately following November’s price rally as oil sands production in the Alberta region resumes.

us-weekly-stock
Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

ES-gas
June 11, 2021

Prices maintained their uptrend

European spot gas prices increased slightly yesterday, supported mainly by lower-than-expected Norwegian supply. Indeed, the delayed end to maintenance at the Troll field reduced Norwegian…
ES-economy
December 24, 2021

US equity market hits a new record high

Just after I sent the News yesterday (The year 2021 in 10 charts…), I was already regretting not highlighting the new performance of the equity…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter
Thank you for subscribing to our newsletter​

We will get back in touch with you soon.

Don’t forget to follow us on twitter!

EnergyScan - Newsletter subscription

Don’t have an account yet?  Sign up here!

[booked-calendar]