U.S. Crude Oil Regulations (CL1: COM) + 5.1% at $ 24.74 / barrel to conclude a 25% increase this week on optimism about production reductions and increased demand for gasoline.
“As rising crude and commodity inventories continue to threaten market fundamentals, key trends, both on the supply and demand sides, have become bullish in recent data,” said Robbie Fraser, analyst product manager at Schneider Electric.
In its latest oil assessment, IHS Markit says Q2 will see “the largest volume of cuts in the production of liquids, including shutdown, in the history of the oil industry”.
The report expects that up to 17 million barrels / day of total liquid production, including almost 14 million barrels / day of crude oil production, will be cut or closed during the period April-June , while the demand for oil comes below 22 million barrels / day below. one year ago.
The demand side is probably the most important given current conditions, says Fraser, and “much of the current optimism in the market is linked to consecutive weeks of improved demand for most refined products” .
The S&P energy sector was the best performing of the day (+ 4.5%) and the week (+ 8.1%).
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