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Banks Boost Forecasts

OIL

Crude futures have extended gains in Asia on Tuesday; WTI last up $0.75 at $62.46/bbl, brent is up $0.99 at $66.23.

  • The gains come as around 15% of crude output remains offline, despite a rebound in production after adverse weather. Flows to the US from Asia have increased during the period, data compiled by Bloomberg shows at least three tankers were booked to ship gasoline and jet fuel from Asia to the West Coast last week, up from just one in the whole of January.
  • Banks have been boosting forecasts for crude in the midst of the rally, Morgan Stanley increased its Q3 brent forecast to $70/bbl citing under supply in 2021 of 2.8m bpd, while Goldman Sachs raised Q3 estimates to $73/bbl.

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