Oil: The rate of inventory accumulation will continue to ease – TDS

Things appear to be looking up in the energy market, according to strategists at TD Securities.

Key quotes

“Production levels proceed on a steep downward trajectory, via both OPEC+ cuts and market-driven declines, with this mornings news that Saudi Arabia will deepen their cuts by an additional 1m bpd in June and try to cut as much as possible in May the latest bit of good news.”

“With global lockdown measures easing, the worst of the demand shock is likely in the rearview, and we are now on a path to normalization in demand.”