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OILX - Oil Prices Continue To Get Hammered On Demand Concerns But Global Refining Margins Suggest The Bottom Is Near
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Welcome to the "demand, demand, demand" edition of Oil Markets Daily!
Oil prices fell again today with Brent now trading at $53.40/bbl and WTI at $49.65/bbl. Genscape reported a Cushing build of ~2.3 mbbls for last week, while Kayrros also had a build for all of US for last week. We have +3.5 mbbls for this week's EIA crude storage report.
Many believed that today's drop in oil price was because OPEC is not announcing an emergency meeting in February. Instead, the ministers are going to wait till early March to hold the meeting of