Oil trading is always about redressing imbalances, whether in time or space. Fundamentals shift, altering the nature of the imbalance, and trading strategies adjust in their wake. This shift has already begun in global oil markets as the Opec/non-Opec output deal has helped begin the destocking process after the massive supply-demand imbalances of 2015-16. The market's focus is now on smoothing out regional imbalances, and new long-haul routes are emerging. New winds of protectionism may be blowing out of Washington, but oil trading firms' role of adjusting flows in the global supply chain is not going away anytime soon.
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