Pretty good summary via JPM’s energy specialist Ian Mitchell on the incoming questions on oil:
1. Talks about back channel discussions with Ukraine to end the war, perhaps involving fast track EU membership in return for ceding territory to Russia. If this was the driver then surely market also stronger?
2. Biden potentially restricting exports – bearish Brent?
3. Expiry next week, catching up to weakness in Equities, lightening up on positioning – I guess, maybe.
And the last bullet which sums it up well:
4. So everyone asking but no one has a really good answer…