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- WTI and Brent crude futures firmed for a third session Wednesday, as markets continue to price in the growing likelihood of an economic recovery in the latter half of 2021. Markets boost futures prices across the curve Wednesday, with all contacts out to Jul-25 now north of $54/bbl.
- Energy options markets also evidently cautious of further crude strength, with both May and June $67 call strikes seeing sizeable volumes Wednesday. This upside interest has helped drive the cost of the option to its highest level since mid-March and the prior cycle highs.
- This shifts focus onto the early June OPEC meeting at which the ministers will meet to agree fresh production targets, while today's DoE crude oil inventories numbers showed firm demand prompting a draw of near 8mln bbls for headline inventories.
- This further suggests markets are looking through near-term risks to price weakness, despite Saudi Arabia today cutting June official selling prices to both Asia and Europe.