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Commodity Market Report

Macro oils short-term outlook: February 2023

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09 February 2023

Macro oils short-term outlook: February 2023

Report summary

The oil price is continuing to languish in the low $80/bbl area as the EU product export ban takes effect 5 February, along with a price cap plan for Russia’s product exports. For now, unless greater economic downside emerges, we are retaining our expectation for an increase in Brent prices starting in Q2 and through the rest of 2023. • China demand surges in petchem and transport sectors • Are US strategic petroleum reserves too low? • Strong Russia crude runs support production in December and January • US Lower 48: growth outlook remains steady for 2023

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    Macro Oils Short Term Outlook February 2023 Data.xlsx

    XLSX 3.02 MB

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    Macro Oils Short Term Outlook February 2023 Slidepack.pdf

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    Macro Oils Short Term Outlook February 2023 Slide Charts.xls

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    Macro oils short-term outlook: February 2023

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