Oil’s 7-Month Downturn About To Reverse
https://oilprice.com/Metals/Gold/Why-Oils-7-Month-Downturn-May-Be-About-To-Reverse.html
- StanChart points to the oil futures markets, where ‘“...speculative positioning now reflecting an overly bearish viewpoint in our opinion and with crude oil the least popular positive exposure apart from palladium among investors, we think there is now short-term upside of USD 5-10/bbl, with more to follow in H2. With supply risks biased towards lower supply, and with OPEC patience likely to be strained by further attempts to push prices significantly below.”
- Hedge fund manager Pierre Andurand is wildly bullish, and recently came out and predicted that oil may top $140/bbl this year if Asian economies fully reopen after COVID-related lockdowns. According to Andurand, the market is "underestimating the scale of the demand boost [a full reopen] will bring," also telling Bloomberg that oil demand could grow by more than 4M bbl/day, or ~4%, this year.
Oil’s 7-Month Downturn About To Reverse StanChart points to the...
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