I've had some pushback from readers that there aren't bullish indicators and the market is currently well-supplied. Global crude stocks have drawn 100 MMB over 2025. That means that the market is in a deficit. If supply growth doesn't materialize, drawdown will continue until the physical market overwhelms the paper.
I don't expect $100 oil in 2025 but my model suggests ~$89 is currently fair price. If oil can get back to the $80 to 85 range, that significant upside especially for energy equities.
I've had some pushback from readers that there aren't bullish indicators and the market is currently well-supplied. Global crude stocks have drawn 100 MMB over 2025. That means that the market is in a deficit. If supply growth doesn't materialize, drawdown will continue until the physical market overwhelms the paper.
I don't expect $100 oil in 2025 but my model suggests ~$89 is currently fair price. If oil can get back to the $80 to 85 range, that significant upside especially for energy equities.
Yes, still bullish but goddamn