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Energy Aspects Flags Falling Global Crude Inventories for Price Hike

OIL

Energy Aspects Head of Research Amrita Sen comments on oil market fundamentals in latest interview:

  • “The Chinese oil re-opening probably gets too many fingers pointed at it. I think Chinese oil demand has been very strong, gasoline/jet has been growing, overall demand has been up by 2mn bpd. That hasn’t been the problem [for prices], the problem has been we have destocked an enormous amount of crude” Amrita said.
  • “You can see a big discrepancy between tanker tracking data and China’s own import numbers. A lot of Iranian shadow vessels have been seeping into the market. This has put a cap on prices. It has also been the function of higher interest rates, highlighting that people are not willing to hold inventories.” She added.
  • “Now inventory levels are very low and prices are starting to move up as balances tighten and demand moves up. I think we are finally seeing that” Amrita said.
Energy BulletsCommodities
Energy BulletsCommodities

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