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YGRN - Implied U.S. Oil Production Is Falling Rapidly Peak U.S. Crude Storage In May
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Welcome to the peak edition of Oil Markets Daily!
To set the record straight, we are no longer bearish crude. On Monday, we noted that the first sign of demand recovery showed up via refining margins. And on Tuesday, we wrote that global crude storage MTD has been 50% of what analysts are predicting. Today, the EIA oil storage report confirmed that the builds are slowing and likely to hit a peak in May.
US refinery throughput has started to bottom out, which means we will likely see physical crude get some backstop now. Product