A morning note from Asia on oil, this via ING (in brief)
- There has been a real shift in sentiment over the last week
- as we start to see a gradual recovery in demand, with the easing of some country lockdowns
- What also helps is that whilst we continue to see US crude oil inventories increasing the size of these builds is falling.
- In other oil news, whilst the Texas Railroad Commission made it clear earlier this week that the idea of production quotas in the state is "dead", we are still set to see sizeable declines in US output starting this month. A number of US producers have recently announced their intention to shut in production in the coming months
