OIL: Global oil demand to rise during driving season: Novak
Mar-14 13:06
Global oil demand to rise during driving season: Novak
- Argaam Latest News cites a Reuters report that global oil demand will pick up in the next months with the summer driving season, according to Deputy Prime Minister Alexander Novak.
- He noted that this was factored into the OPEC+ producer group's decision to add more oil into the market.
- OPEC+ is ready to act if sluggish demand and a rise in supplies from producers such as the US led to an oversupply, Novak said, noting that worries about demand might have been exaggerated.
- "There were no talks at the moment about the resumption of Russian oil flows to Germany through the Druzhba pipeline," Novak said.
- He also said that Germany and Poland stopped purchases of Russian oil in 2023 over the conflict in Ukraine while Hungary and Slovakia still buy oil from Russia.
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BONDS: MNI Europe Pi: Long Reduction / Short Setting Continues
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We've just published our latest Europe Pi positioning analysis - PDF: MNI-PI12022025.pdf
- Structural positioning across most European futures contracts remains relatively flat, with most looking similar to our last full Europe Pi update on Jan 28. Again, this contrasts with longer-leaning positioning at the very end of 2024.
- BTP and OAT stand out for being long and short, respectively, with Buxl (short) the lone German contract not in flat territory.
- We continue to see longs reduced and shorts set across contracts, including over the most recent week of trade.
