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StanChart has reiterated its previous assessment that not only can the markets absorb the extra barrels by OPEC+ producers but that a deficit is likely to appear in the latter part of the current year and carry over to 2025 ....
Analysts from Standard Chartered have predicted that U.S. crude output will clock in 300 kb/d lower than the pre-pandemic peak by the end of the year ....
Whereas physical traders appear increasingly convinced of the underlying strength of the oil markets, financial traders are not yet buying the bullish thesis due to a variety of potential headwinds. ....
The IEA has revealed that global observed oil stocks plummeted by about 60 mb in January, with on-land inventories falling to their lowest level since 2016. ....
StanChart thinks that the seasonal upswing in demand, coupled with the expected inventory draws, will make the markets much more sensitive bullish catalysts. ....