15 Feb 2021

JBC in the Media - OPIS

European Distillates Futures,Options Build Net Length to Fresh Highs

"'Net length on ICE Brent does appear to be slowing down, but there was a much bigger uptick over in the U.S. last week,' said Denis Osborne, a senior energy market analyst with JBC Energy. 'Most of the bullish news recently has been U.S.-focused so it makes sense that speculators' money would wind up in the NYMEX contract instead of the ICE.'"

"'Looking ahead, it's certainly going to be interesting to see what OPEC+ decides next month regarding production in April. They're currently scheduled to bring back almost 2.5 million b/d, including the additional voluntary cuts made by Saudi Arabia which will be coming to an end. Those sorts of returning volumes could really knock sentiment,' Osborne noted."