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BTEGF - At The Current Global Supply And Demand Deficit We Will See $100/Bbl Oil Soon
Baytex Energy Corp
At the current pace of inventory draw, we are headed for triple digit oil prices.
China has been strategically draining crude inventory and shunning crude on the open market. But this won't persist and it presents a ~2 mb/d of tailwind.
If global oil demand continues to recover, global oil inventories will decline below the 2010-2014 norm.
If oil does reach $100, there will be a lot of FOMO in the market with generalists rushing in.