Comments on oil via ANZ, pointing to expectations of stronger demand.
ANZ reasoning this is due to accelerating vaccinations and easing travel restrictions.
- Recent traffic data suggests travellers are hitting the roads as restrictions ease. Traffic congestion in 15 European cities is at its highest since the pandemic began, according to TomTom data. The boost to demand is expected to be strong.
And, on the supply side:
- This is backed up by signs of tightness in the physical market. The Middle Eastern Dubai benchmark is trading at its steepest backwardation in almost a year.
On oil inventories, we await official confirmation of the private survey drawdown: