OIL: Global Oil Surplus Could be 800kb/d Next Year: Citi
The global oil market surplus could be 800kb/d next year after accounting for China’s stockpiling and supply disruptions, according to Citigroup cited by Bloomberg.
- Crude stockpiling in China is expected to continue around 900kb/d next year and help absorb a global surplus.
- China saw a draw in January and was flat in February but has seen an average build of about 800kb/d since March.
- Oil prices are expected to find support around the $60s due to China’s buying, US SPR purchasing and OPEC+ could hold or cut output to prevent a price collapse.
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RIKSBANK: Holds Policy Rate With Unchanged Guidance
The Riksbank holds the policy rate at 1.75% as unanimously expected. Guidance language was unchanged relative to September (as we had expected):
"The elevated inflation has begun to fall back, at the same time as economic activity is on its way to recovery. The outlook for inflation and economic activity thus remains largely unchanged and the Executive Board has decided to leave the policy rate unchanged at 1.75 per cent. The policy rate is expected to remain at this level for some time to come."
MNI: RIKSBANK LEAVES KEY POLICY RATE UNCHANGED AT 1.75%
- MNI: RIKSBANK LEAVES KEY POLICY RATE UNCHANGED AT 1.75%
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SFIH6 96.45/96.55/96.65/96.75c condor vs 96.25p, bought the condor for 0.25 in 2k.
