The trend of burning uncertainty continues at pace, preliminary data for global oil supply and demand shows. The start of the year was even stronger than anticipated last month, while the second quarter looks increasingly grim. More weakness is seen slipping into the third and fourth quarter. The first quarter is tightening again toward only a small supply surplus, while the supply overhang for the second quarter is ballooning. For the year as a whole, inventories are now expected to grow by 500,000 barrels per day versus 300,000 b/d last month and a flat market seen in March.
