EnergyScan

Normalisation without upside?

Brent prompt future contract approached topped 60 $/b on early Monday, as the successful OPEC meeting on last week continued to tighten crude markets. However, January’s US employment remained disappointing, with a 49k increase in Non-farm payroll employment, while the long-term/permanently unemployed category continues to swell. Chinese oil imports are likely to reach 10.9 mb/d in January, rebounding strongly from December’s lows. CTFC data showed an increasing net long position in NYMEX WTI futures for financial players, while producers expanded their net short position.

crude-timespreads-08
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