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After approaching $73/b yesterday, the price of Brent 1st-nearby fell sharply to $71.11/b, but is already back above $72/b. In short, the market seems to be without a clear direction, due to the many uncertainties surrounding it regarding the duration of the unavailability of supply and refining capacity in the southern US, the evolution of the pandemic and its impact on demand and even OPEC supply, including Iran. In this respect, the new Iranian government is accelerating the production of enriched uranium, while nuclear negotiations are expected to resume soon.
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As the markets were closed on Monday, the EIA weekly report will not be available until tomorrow and the ADP estimates today. The Bloomberg consensus is for a 6mb drop in crude stocks, but with a very wide range of forecasts.