Energy Weekly Report: Motilal Oswal
According to Motilal Oswal, Oil price rally got a halt last week after prices fell by 7%, the worst single-day loss since April 2020•
March 23, 2021 / 02:44 PM IST
Motilal Oswal's report on Energy Weekly
Oil price rally got a halt last week after prices fell by 7%, the worst single-day loss since April 2020 • Markets are now focusing on the fundamental numbers as Jet fuel demand is still a major concern • India demand seen to be plateauing • Natural gas prices were lower last week as a less-thanexpected storage withdrawal is coupled with moderating temperatures for most of the U.S. Market will be keenly watching the OPEC+ meeting next week for any change to its output policy in May, especially after the slide in oil and comments from IEA that supply is plentiful. The outlook in oil markets remains clouded by strengthening the US dollar and uncertainty about speedy crude oil demand recovery.
Looking ahead, the increase in US oil stocks, decline in China’s oil imports, India’s pertinent problem with the current oil price and the latest warning from the US to China over buying Iranian oil can keep pressure on prices.
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