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Oil Market Update Report & Live Q&A | Rory Johnston

Hidden Forces

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Oil Demand

Backgradation, or premium of prompt prices, which means the curve is downward sloping intothe future, is a bullish sign eause it reflects tightness in spot markets. We're still in a backwardated market, although not nearly as backwarda as we were at the beginning of june. Inventories remain very, very low on a global basis. Their back down to around that kind of 20, ten to 20 foureen period when prices were very high, kind of, you know, structurely above a hundred dollars a barrel. The other thing we haven't talked of, to a certain degree, is the effect of the strategic petroleum reserve,. which has added additional kind of

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