- West Texas Intermediate remains near seven-year highs as OPEC’s technical committee meets today
- All members OPEC and its allies will convene tomorrow to discuss its oil policy and decide whether to further increase supply
- Consensus is that OPEC+ will increase production by another 400 MBbl/d, but Goldman Sachs warned the recent price surge could mean the group may deliver more than expected (BBG)
- Despite its warning about an OPEC+ surprise on production, Goldman remains bullish. Stockpiles are “incredibly tight,” and there is a need for prices to move sharply higher, the bank’s analysts said in a Jan. 31 note
- Oil traders are juicing their bets on a stronger crude market (Bloomberg)
- The price spreads for Brent from one month to the next is the most bullish in eight years
- Money Managers increased their wagers on comparable U.S. contracts by the most since late-2017 in the week to Jan. 25
- Brent’s month 2 to Month 13 spread is the strongest (most backwardated) since 2013