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No Data Expected Today so Focus on EU


Energy – What to watch

  • No new data releases are expected today so the focus will be on news from the EC leaders summit taking place in Brussels over the next two days. With a unanimous decision required, they need to get Hungary on board and EU’s Josep Borrell believes that a deal is still possible.
  • The tight refined product markets continue to support gasoline and diesel markets. The start of the US driving season is likely to support demand which has so far been resilient despite the record pump prices. Any further increase in demand data or reduction in inventory levels later this week could push product spreads higher.
  • The latest monthly OPEC+ meeting takes place later this week with. Indications are that they are once again unlikely to change course and increase production further than already planned. G7 energy ministers have called on OPEC to produce more to help bring down high market prices. Some OPEC members have stated that they believe crude markets to be balanced and that the market tightness is coming from the refined products not crude.

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