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Crude oil traded range-bound as the market awaited Iranian nuclear talks in Vienna, which could return Iranian supply. Physical demand improved in Europe and the US as Covid cases slowed.
API data showed a larger-than-expected US crude inventory draw.
Possible Iranian supply returns cap crude prices, while improving fuel demand and the US summer driving season offer support. This is routine energy commentary with no major new supply shock.
think.ing.comWarren PattersonMay 26, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
