Ann: Funding Update, page-64

wrt POO, there are two forces at place: 1) A widely expected pick up in demand over the winter and refineries coming back online due to good margins and post-maintenance. This is why Morgan Stanley is still an oil bull; 2) OPEC production cuts... which is unlikely IMO because Saudis can cut production, which brings more US shale online, which means they have to cut more... The war in the Middle East is probably a better bet if you're looking for supply side disruptions