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Rally Extends

OIL

The rally continues, crude futures are higher in Asia to kick off the week; WTI and brent both around $0.50 at $57.39 and $58.85 respectively.

  • Crude markets are supported by strong demand from China. The number of vessels sailing toward China hit a six-month high of 127 on Friday, equating to approximately 250m/bbls.
  • Also providing oil with tailwinds are expectations of stimulus from the US. The senate approved a fast track budget measure on Friday that could facilitate the passing of the stimulus package even without Republican support. US Tsy Sec Yellen weighed in saying that US could reach full employment next year if stimulus is passed.
  • Elsewhere Vitol, the world's largest independent oil trader, echoed sentiments of its rival Gunvor and said the market is getting ahead of itself.
Energy BulletsCommodities
Energy BulletsCommodities

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