Commodity Market Report

Macro Oils short-term outlook: March 2021

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08 March 2021

Macro Oils short-term outlook: March 2021

Report summary

On 4 March, OPEC+ decided to take a cautious approach to demand recovery by leaving its production restraint for April, including the Saudi extra 1 million b/d cut. The only exception were increases for Russia and Kazakhstan. After the OPEC+ announcement, Brent climbed to just under $70 per barrel. The 7 March missile attack on Saudi Arabia’s oil facilities, while not harming facilities, highlights the upward price risk this spring and briefly lifted Brent to above $70. Highlights of our Macro Oils short-term outlook include: • How did the Texas freeze impact Q1 2021 supply and demand? • Revised outlook for Brent in 2021 and 2022 • Demand growth set to accelerate as vaccination continues • OECD crude stocks to return to pre-Covid-19 levels in H2 2021

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  • Document

    Macro Oils Short Term Outlook March 2021 Data

    XLSX 4.67 MB

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    Macro Oils Short Term Outlook March 2021 Slidepack

    PDF 2.15 MB

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    Macro Oils short-term outlook: March 2021

    PDF 785.79 KB

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    Macro Oils Short Term Outlook March 2021 Slide Charts

    XLS 1.08 MB