Re: Oil-GS Call for $90 Brent by YE’21.
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Re: Oil-GS Call for $90 Brent by YE’21.
GS out with a chart pack today, calling for “next leg higher in oil prices - from a cyclical to a structural bull market.” Summary points/editorial to follow.
“This dynamic has led to a historic 4.5 mb/d deficit, which should lead inventories to fall to their lowest level since 2013 by year-end...”
Two charts tell the story. Here’s supply:
Here’s demand:
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