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OIL: WTI & Brent sit ~+$0.80 & ~+$1.00 at writing, even after reports pointed to
a larger than exp. headline crude build (coupled with a build at the Cushing
hub, larger than exp. build in gasoline stocks & a larger than exp. draw in
distillate stocks) in the latest API weekly inventory estimates.
- Tuesday saw a modest uptick for both benchmarks, as crude tracked broader risk
sentiment. This has been built on in Asia-Pac hours, even with BBG sources
pointing to some regional buyers taking delivery of less Saudi crude in March,
as Coronavirus saps demand.
- Tuesday saw the EIA cut its '20 global oil demand growth forecasts in its
latest STEO (as was exp.), while it lifted its '21 global demand growth
forecast. Tuesday also saw RTRS sources note that "Saudi Arabia wants global oil
producers to agree a quick oil supply cut as China's coronavirus knocks demand,
aware that delays in the past led to costly price collapses." As you would
expect. Wednesday will bring DoE inventory data & a Russian Energy Ministry
meeting with domestic producers, which will see the parties discuss the OPEC+
JTC's recent proposal.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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