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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Posthaste: Why this mega-bull still believes oil is in the strongest fundamental market set up 'in decades, maybe ever'Oil in \u0027structural, multi\u002Dyear tightening cycle that will go as far as demand will take it,\u0027 say RBC strategists. Read on for more The fundamentals in the overall energy market remain strong in the medium to long term. However, due to short-term market fundamentals, traders are being scared out of energy due to demand destruction caused by a recession. energyshortages are here to stay and will not be solved ...take note POTUS JoeBiden and learn something. '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.' OOTT
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Posthaste: Why this mega-bull still believes oil is in the strongest fundamental market set up 'in decades, maybe ever'Oil in \u0027structural, multi\u002Dyear tightening cycle that will go as far as demand will take it,\u0027 say RBC strategists. Read on for more
Source: financialpost - 🏆 7. / 85 Read more »