So why are oil prices going down?
In a recent note, RBC Capital Markets global energy strategist Michael Tran and team describe how the energy market is stuck in a “push-pull” between growing concerns about economic downturn “pitted against the strongest fundamental oil market set up in decades, maybe ever.” “Absent a recession, the tightening cycle clearly points higher, potentially significantly higher. $150/bbl, $175/bbl, $200/bbl? Pick a number.”
The beginnings of an oil super cycle have been building for some time and while Russia’s invasion of Ukraine and the energy disruption it caused were a “market accelerator,” it was not the agent of change, said Tran.
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