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Baltimore tragedy not a major issue for energy flows

The collapse of the Francis Scott Key bridge in Baltimore this week is unlikely to have a large impact on global energy flows. For oil, flows of crude and refined products to or from Baltimore are tiny. More coal is exported from Baltimore, but the scale of shipments that will be disrupted is too small to have a major impact on global coal prices.

A decision to change OPEC’s oil output policy at Wednesday’s Joint Ministerial Monitoring Committee is unlikely. That decision will probably come at the full ministerial meeting in June. Meanwhile, China’s PMIs may shed further light on the prop to metals demand from infrastructure spending. On Friday, if our below consensus forecast for non-farm payrolls is correct, that could give a boost to commodity prices through a weaker US dollar.

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