From yesterday’s release of the EIA’s Short Term Energy Outlook, here..
”This increase in backwardation is most likely the result of Saudi Arabia’s announced supply cuts for February and March, which EIA expects will contribute to global oil stock withdrawals during the first quarter of 2021. EIA forecasts first-quarter 2021 global oil stock withdrawals to average 2.0 million b/d, down only slightly from the high withdrawal rates during the second half of 2020.”
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