US crude stocks plummeted last week primarily because net imports nosedived to a record low. While net imports will probably recover in the coming weeks as exports ease back, we think that crude stocks will continue to fall as the progressive lifting of lockdowns should boost product demand.
Drop-In: China’s April trade report and the commodities outlook, Friday 7th May, 0800 BST.
Join Senior China Economist Julian Evans-Pritchard in conversation with Commodities Economist Kieran Clancy following the release of China’s latest trade numbers for a discussion about the country’s commodities demand, supercycles and the outlook for commodities markets. Register here.
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