Saturday, October 16th, 2021 Good Morning MMS Readers Oil prices are continuing to climb despite fears of demand destruction and falling imports from China. consistent with the IEA, oil demand could increase to the tune of 500,000 bpd because of the energy crisis driving gas-to-oil switching.
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The ongoing rally in gas prices continues to drive gas-to-products switching and driving oil prices higher. In Asia, there's a counter-seasonal mini-renaissance of HSFO utilization. Concurrently, demand for crude remains strong, with OECD stockpiles recording a week-on-week decline. Oil prices did come harassed on Thursday from data that showed weakening Chinese imports, but bullish sentiment retook markets on Friday #yusufbhandarkar
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