Time for some (mild) risk-on
Commentary summary:
• Trump says India will buy less Russian, Novak is confident the Indians will buy.
• US build-up of military force off Venezuela continues.
• Stream of Western sanctions news continues with the UK yesterday, while the EU’s “Russian molecule ban” in Jan is now approaching in terms of pricing.
Here we are again. Just as the market became convinced of the glut basis the exciting data showing up in global crude exports & oil on water (telling us that at least in recent weeks, the market has been very well-supplied), risk-on headlines began to mount again.
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