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Trade data indicate Atlantic Basin crude market rebalancing continues – JP Morgan

FXStreet (Barcelona) - Research Analysts at J.P.Morgan note that lower US imports of African crude are forcing a rebalancing of global crude markets with excess supplies from the Atlantic Basin exiting the region and on the margin heading to Asia.

Key Quotes

“Due to lack of data availability, it is not yet fully clear where all the now-displaced barrels of African crude are going. However, without a pick-up in Atlantic Basin demand, crude barrels will likely need to clear into Asia.”

“Heading into 1Q2015, we expect the pressure to remain on West and North African crude to move eastward to clear Atlantic Basin markets.”

“Whether there are offsetting moves within OPEC to create market share for them remains to be seen, but if no accommodation is reached at the OPEC meeting at month end, then discounts and competitive pricing will likely remain in place.”

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