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OPEC is succeeding at rebalancing the oil market. Our supply/demand balances reflect a faster-than-expected market tightening due to improving cyclical conditions, cold winter, and OPEC compliance. A gradual OPEC+ deal exit would keep spot and forward prices in a range with the market in backwardation, and preserve OPEC's long-run market share. Contents Macro: growth bull, fiscal bear Equity strategy: opportunity abounds as momentum picks up Banks: budget supports positive outlook Consumer: factors align for a more positive outlook Petchems: government support to continue for an extended duration Healthcare: no surprises HOUSE_OVERSIGHT_029462