Do fundamentals support the rise of crude futures to two-year highs?

<p>While the <a href= "https://www.spglobal.com/platts/en/market-insights/topics/coronavirus-impacts-commodity-markets" target="_blank" rel="noopener">pandemic</a> is far from over and coronavirus cases are still rising in some Asian countries, the front-month <a href= "https://www.spglobal.com/platts/en/our-methodology/price-assessments/oil/dated-brent-price-assessment-explained" target="_blank" rel="noopener">Brent crude</a> futures breached on June 1 the $70/barrel ceiling and extended the rise the next day. From <a href= "https://www.spglobal.com/platts/en/market-insights/topics/opec-non-opec-supply-cuts" target="_blank" rel="noopener">OPEC</a>’s optimistic demand forecasts to uncertainty over Iran’s production, caution seems to dominate the medium-term, and the longer-term role of energy transition may not be as bearish for prices as one might think.<br /> In this episode of the Oil Markets Podcast, <a href= "https://www.spglobal.com/platts/en" target="_blank" rel= "noopener">S&P Global Platts</a> reporters Nicholas Baldwin and Eklavya Gupte discuss with Joel Hanley the reasons behind the bullishness in crude oil futures.</p>