- Oil markets are headed for their best January in at least 30 years as the degree of market tightness shifted market sentiment more bullish (BBG)
- The combination of strong demand and supply disruptions further reduced global stockpiles, with big-name banks and oil companies saying prices may soon eclipse $100/Bbl
- OPEC+ plan to meet on Wednesday to assess the market
- Money managers increased their WTI spread positions by the most since 2017 last week (CFTC data)
- Outright short bets were cut to the lowest since June, though long positions fell by the most since November
- Gasoline markets around the globe are soaring as oil marches toward a 7-year high (BBG)
- Global stockpiles of oil products are at a multi-year low for this time of year
- Gasoline profits have hovered well above seasonal norms as more people take to the roads in greater numbers, boosting demand
- Analysts remain bullish on gasoline demand for 2022, with the IEA estimating world gasoline demand will near-pre-pandemic levels this year while Energy Aspects predicted consumption would surpass that