Results

It was a mixed day on Friday. Refined products traded down, but Crude was the center of attention. The IEA increased their oil demand forecast in 2021 and expects demand to return to pre-Covid levels by the end of 2022. Lending aid to the Bulls, the IEA said, “OPEC+ needs to open the taps to keep the world oil markets adequately supplied”. The report also noted the US will lead the non-OPEC production increases. As if on cue, Baker Hughes released their weekly rig count numbers showing an increase of 6 oil focused rigs over the prior week. At 365 rigs, this week’s count was the largest since Apr 2020 but is still only 54% of Dec 2019’s total.