Brent Oil: $100? Here we go! – TDS
|Oil inventory spike is not enough to derail bull run beyond the near-term, in the view of strategists at TD Securities. They see Brent trend into $100+/bbl territory.
Crude oil deficits pending as supply tries to keep pace with winter demand spikes
“Despite the fact that US crude inventories increased more than double expectations last week, they should moderate as Gulf refineries exit the ‘turnaround season,’ where plants recondition equipment and demand less crude throughput.”
“The continued OPEC+ supply discipline and a general lack of positive supply response to higher prices by other producers, along with the likley pending demand increases for petroleum products due to the raging energy crisis in Asia/Europe and the formation of La Niña weather patterns in the equatorial band of the Pacific Ocean, should all see crude oil prices bounce higher.”
“As pending demand spikes squeeze available supply in the depth of winter, the global crude benchmark may trade as high as $100/bbl.”
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