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YGRN - Weekly Energy Recap: Improving Sentiment Before Fundamentals Change
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
The month of drama in the oil markets appears to be at an end finally, as prices recorded their first weekly gain since the start of April.
While sentiment is improving, the market fundamentals have not as the oil surplus needs time to be absorbed from the market as economic activity recovers. A similar glut of crude oil and petroleum refined products will also need some time to be depleted.
Although the historical OPEC+ output cuts have just started and have yet to make an impact on market fundamentals, they have nonetheless impacted market sentiment.