LONDON/MOSCOW (Reuters) – From Kazakhstan to the North Sea (NYSE:SE) and the United States, physical crude has jumped in value in recent days but the rally will likely be tactical and short-lived rather than signalling a proper recovery, according to traders and analysts.
The market, which saw some physical grades selling at prices close to zero just a few weeks ago, is indeed being helped by production cuts by the Organization of the Petroleum Exporting Countries and its allies and in North America.
But as the world starts to ease lockdowns, which have restricted the movement of some 4 billion people to prevent the spread of the coronavirus, oil demand recovery will be slow and timid.
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