Biden - President, Brexit hopes and oil issues
Yesterday, the US electors, following the tradition of more than two hundred years, drew a line under the US Presidential elections. Biden is the President. But the winner will be officially announced on January 6, when Congress counts the electoral college votes.
Markets now have no time for traditions and formalities. In the US, everyone is more concerned about the fate of the economic stimulus package simply because in a couple of weeks about 12 million receiving unemployment benefits are at risk of being left without additional financial support.
The pound showed increased volatility as usual yesterday. Its growth yesterday is based on the hopes that an additional round of negotiations will finish with success. However, even if it is succeeded, you should not rejoice. London is on the verge of a complete lockdown, and the UK economy is at risk of being the main loser in 2020.
Everything looks rosy enough for oil, which continues to grow steadily. And it doesn't matter that last week 2 out of 5 largest economies in the world decided to radically tighten restrictive measures with all the consequences. It doesn't matter that in a couple of weeks OPEC + will release an additional 0.5 million bbl / d to the oil market. It doesn't matter that Libya has increased production 10 times, and the United States has added an average of 0.5 million bbl / d over last two weeks, while China has sharply reduced oil imports. Nevertheless, all this exists and it will not be possible to ignore all these factors indefinitely. So, our position on oil is unchanged - we sell from the current ones.
Moreover, just yesterday, OPEC published its monthly report, in which it lowered its forecasts of global fuel consumption in the first quarter of 2021 by 1 million barrels per day.
Markets now have no time for traditions and formalities. In the US, everyone is more concerned about the fate of the economic stimulus package simply because in a couple of weeks about 12 million receiving unemployment benefits are at risk of being left without additional financial support.
The pound showed increased volatility as usual yesterday. Its growth yesterday is based on the hopes that an additional round of negotiations will finish with success. However, even if it is succeeded, you should not rejoice. London is on the verge of a complete lockdown, and the UK economy is at risk of being the main loser in 2020.
Everything looks rosy enough for oil, which continues to grow steadily. And it doesn't matter that last week 2 out of 5 largest economies in the world decided to radically tighten restrictive measures with all the consequences. It doesn't matter that in a couple of weeks OPEC + will release an additional 0.5 million bbl / d to the oil market. It doesn't matter that Libya has increased production 10 times, and the United States has added an average of 0.5 million bbl / d over last two weeks, while China has sharply reduced oil imports. Nevertheless, all this exists and it will not be possible to ignore all these factors indefinitely. So, our position on oil is unchanged - we sell from the current ones.
Moreover, just yesterday, OPEC published its monthly report, in which it lowered its forecasts of global fuel consumption in the first quarter of 2021 by 1 million barrels per day.
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