ANZ with info from Singaporean-based French commodity trader Trafigura, and others:
- Commodity traders, including Citadel and Trafigura, believe the recent banking sector turmoil is likely to be limited in duration with only minimal damage to the wider economy. This should see crude oil demand remain on an upward trajectory.
- Trafigura sees Chinese demand, the group's chief economist on China: "We are seeing record amounts of buying for certain crude grades,"
- Russia’s seaborne crude flows eased lower last week, although there remains little sign of any large-scale decline in volumes. Russia warned last month that March volumes would fall by 500kb/d, in an apparent recognition of the impact of ongoing sanctions on crude and refined products.
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Oil not doing a real lot in Asia time:
Earlier:
