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YGRN - In The Short Term Oil's Recent Rally Suggests A Pause And Pullback As More Likely
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Welcome to the pause and pull edition of Oil Markets Daily!
One of the things we are implementing in 2020 is to take the data as is. Rather than argue and come up with various explanations for how it might be off, we will take these data points at face value and assess from there.
As a result, the last two weeks of 2019 saw US refineries DELAY crude imports. Perhaps, this is related to tax reporting or whatnot, but we expect US crude imports to be elevated for at least the next two weeks.