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SINGAPORE — A hot global physical oil market boosted bulls
.
So far this year, the price of goods arriving at Asian refineries two to three months later has been rising
strongly globally.
The time lag between the purchase of these goods and their arrival in the world's largest import region means that traders actually have to think about how the current Omicron outbreak will develop, especially in China
.
Their optimistic outlook is further supported by the fact that when crude oil arrives, two demand headwinds – the Beijing Winter Olympics and the Chinese New Year – will also disappear
.
Tamas Varga, an analyst at PVM Oil Associates Ltd, said: "The oil market is incredibly resilient and the bulls are in full control
.
"The physical crude oil market is much higher than forward or futures contracts
.
That means real timely austerity
.
Fatih Birol, executive director of the International Energy Agency, said on Wednesday that global demand had proven stronger than expected as the latest coronavirus variant hit the economy less than expected, largely due to "milder expectations for Omicron.
"
