Oil markets have defied bearish expectations as OPEC+ countries plan to increase production targets. Rapid unwinding of cuts successful, with low inventories and strong demand. EIA data shows bullish trends, with falling crude inventories and rising gasoline demand. StanChart predicts easy absorption of OPEC+ production in short term, with global stock draw expected in Q3. EU natural gas inventories rising due to higher LNG flows. European gas prices face downside risk.
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