Reuters with remarks from analysts at Citi on oil, seeing the deficit truing to surplus not far down the road:
“We expect the sequential trend of quarterly global stock draws will flip to inventory builds as soon as 2Q’22, and sustain for the next 15-18 months”
“Our view is for a tight crude oil market to shift to surplus outright and in terms of days of demand cover.”
Meanwhile, oil prices are holding their surge. This flip into surplus as soon as next quarter would assist in putting a lid on prices ... but for now the trend seems to be your friend.
You can track oil on our free charts, link here. Eg:
