Commodity Market Report

Macro Oils short-term outlook: February 2021

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05 February 2021

Macro Oils short-term outlook: February 2021

Report summary

Brent has climbed to just under $60 per barrel on 4 February as Saudi Arabia's extra 1 million b/d voluntary production cut takes effect. The oil market's focus has shifted to a probable resurgence of oil demand as vaccines slowly begin to work their way into global populations. The outlook for oil price is contingent on OPEC+ decisions and the demand recovery. The course of dialogue between the US Biden administration and Iran will be another factor for prices. Highlights of our Macro Oils short-term outlook include: • With the rig recovery in the US, will Lower 48 production show growth this year? • Demand is set for a surge in the second quarter. Will that continue? • Brent is strong now, but we see pullback in the second quarter • OPEC+ production outlook hinges on 4 March meeting

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    Macro Oils Short Term Outlook February 2021 Data

    XLSX 4.68 MB

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    Macro Oils Short Term Outlook February 2021 Slidepack

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    Macro Oils short-term outlook: February 2021

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    Macro Oils Short Term Outlook February 2021 Slide Charts

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