May Brent futures opened around $84/bbl in the early hours of the morning before rallying up to $84.53/bbl at 08:10 GMT and then swiftly correcting down to $84.17 by 08:40 GMT. Price action did find support once again, rallying up to highs of $84.77 at 09:10 GMT. In headlines the IEA has increased its Q1 oil demand growth estimate by 270kbbls/d, with the full year demand outlook also up by 110kbbls/d to a total of 1.3mbbls/d. Shell has lowered their carbon intensity reduction target for 2030 from 20% to 15%. The front and 6-month spreads are at $0.71/bbl and $4.05/bbl respectively.
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