A snippet from ANZ. Analysts there note that price remains under pressure with further Fed rate hikes ahead to curb demand (at the margin). Also:
- stockpiles of crude up almost 24mbbls over the past two weeks
- EIA gasoline supplied (a proxy for demand) hit its second lowest level since 2014
On the other side of the coin is China:
- further signs of rebounding demand in China. Mobility data shows a strong recovery in activity, with road congestion up 47% m/m in February. Flight schedules remain high after the Chinese New Year holiday.
Oil update:
