- Goldman sees oil buying opportunity after yesterday's "transient pullback."
- Despite the sharp move, a rapid rebalancing of the oil market is expected in the coming months, with vaccinations driving an increase in travel, according to GIR
- The market has remained in a large 2.5 MMBbl/d deficit since February, despite Iranian oil exports rising by 700 MBbl/d year-to-date
- Slow comeback for U.S. refiners is starting to weigh on crude prices (Bloomberg)
- Crude processing rates in the region are still at about 80% of the levels seen before the winter storm
- The NYMEX WTI-3-2-1 crack spread is at $19.12, its highest since the beginning of the pandemic
- Physical oil prices are being pressured lower at a time when demand for crude is rising in the gulf coast, creating turmoil in the market