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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (84620)5/15/2020 3:34:46 PM
From: Goose94Read Replies (1) of 202707
 
Crude Oil: Eric Nuttall The oil market has meaningfully improved in the past month: economies around the world are slowly emerging from lockdown resulting in increased traffic (and gasoline consumption), cresting crude inventories in the U.S. remove the fear of limited physical storage capabilities and global inventories are building at a significantly slower rate than what many doomsayers were predicting a month ago. With April OECD builds of only 109 million barrels and global March/April builds of 450 million, it will take significantly less time to rebalance the market that what was originally thought. With meaningful OPEC curtailments, ongoing global non-OPEC shut ins (Canada over 1 million barrels per day and about 1.4 million in the U.S.), significantly reduced drilling activity (down 60 per cent in 2020) and the potential for production damage from older fields, the outlook for oil is more bullish than what a $34 per barrel 2021 oil strip would suggest. We believe that oil inventories can normalize by year-end 2020, U.S. shale hyper-growth is permanently impaired, global offshore production has entered into a multi-year period of stagnation and that as a result oil can rally above $50 in 2021 resulting in oil stocks doubling or more in the next year.


BNN.ca Market Call Friday May 15th @ 1200ET
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