The models are broken
The market is trying to get back to the pre-Covid and pre-war times, but that model is broken. A new dawn is here and the financial world needs to adapt.
Steen Jakobsen,
Chief Investment Officer
Head of Commodity Strategy
Summary: After yesterday's surprising API report the oil market's attention now turns to this afternoon's stock report from the EIA, which could provide another surprise.
Crude oil trades higher after the American Petroleum Institute (API) yesterday reported a surprise drop in US crude stocks of more than 4 million barrels, very different to the 3 million barrel increase expected by the EIA later today.