Stocks are pushing higher in Europe, as inflation fears have receded, for now.
UK’s FTSE 100 up 0.55%
Germany’s Dax up 0.3%
France’s CAC up 0.17%
Italy’s FTSE MiB up 0.25%
Oil prices are also climbing, with Brent and US light crude both up about 1%. Brent is trading at $69.20 a barrel. The International Energy Agency gave a bullish outlook today, predicting that demand for oil will exceed the output of top producers as countries make progress in vaccinating their populations against Covid-19.
The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter.