Crude prices continued their recovery. The bounce began with an increased likelihood of an extension of the current OPEC+ quotas into 1Q 2021. Further OPEC producers continued to suggest that this was firming up.
The market reacted well to Tuesday’s American Petroleum Institute (API) numbers and the Department of Energy (DOE) confirmation overnight. The surprise “inventory draws” came at an appropriate juncture for the crude market, which continues to struggle under the Covid-19 cudgel.
President Energy plc (LON:PPC) is an independent oil and gas company focusing primarily on high margin production opportunities in Latin America.