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Oil: Russia to join OPEC forces – TDS

Central banks are signaling a globally coordinated effort to stem the economic impact of the virus and the sharp deterioration in financial conditions, but another signal was more closely watched in energy markets this weekend, strategists at TD Securities apprise.

Key quotes

“Signs emerged from Russia that prices have breached the Putin-put, implying the country will join forces with other OPEC+ members to stabilize oil markets.”

“Average analyst expectations are for a 750k bpd cut but we suspect that markets will require OPEC to take a more decisive measure as the infection spreads outside of China.

“In this context, RBOB gasoline should continue to see CTA selling pressure as momentum funds respond to the still-deteriorating momentum signals.”

 

CFTC Positioning Report: EUR net shorts in +3-year highs

These are the main highlights from the CFTC Positioning Report for the week ended on February 25th: Speculators kept adding shorts to their already ne
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ECB's Wunsch: Should not rush to fire our remaining fiscal ammunition – Boersen-Zeitung

"The euro economy is not in recession and jobs are still being created," Belgian central bank chief and ECB Governing Council member Pierre Wunsch tol
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