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Global Crude Stockpiles Fell Last Week but Expected to Replenish: Macquarie

OIL

Global crude inventories fell by 24m barrels last week amid supply disruptions in the US, Libya and Kazakhstan and Red Sea diversions according to Macquarie via Bloomberg.

  • The global drawdown which has supported prices was driven by a decline of 11mbbl in Europe in the week to Jan 19.
  • Stockpiles are expected to replenish as supply recovers from weather-related issues and during the spring refinery maintenance period.
  • China’s deflationary pressures and the troubled property sector continue to drive Macro concerns.
  • Market focus is on OPEC+ compliance of production cuts during Q1, US supply and the macroeconomic environment in the US, Europe and China.
Energy BulletsCommodities
Energy BulletsCommodities

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