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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (146365)	2/24/2023 2:54:40 PM
From: Goose94	Read Replies (1) of 202904

Crude Oil: Sentiment remains weak due to ongoing recessionary fears and disappointment over (so far) loss of Russia production, further fueled by seemingly weak (and questionable) U.S. inventory data. Energy investors need to take a breath, tune out the noise and focus on what matters. Oil demand hit a record in December 2022 (despite China being under lockdown, and recent mobility stats show their demand is sharply normalizing = 1MM Bbl/d in demand improvement). U.S. shale has continued to disappoint, OPEC spare capacity is razor thin and will likely be fully exhausted by year’s end, and the global supermajor’s production continues to stagnate with no signs of improvement. Once we emerge from seasonal weakness and peak refinery maintenance, and China continues to normalize, we expect sharp inventory draws to resume in the next several months leading to a rally in the oil price, ultimately to US$100WTI and beyond. We remain bullish. Eric Nuttall on BNN.ca Market Call Friday February 24th @ 1200ET

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