NRGU - Oil Markets Tilt Bullish
2024-06-21 13:11:52 ET
Summary
- Brent crude and WTI crude prices remain elevated, up about 13% and 14.5%, respectively, from last year.
- EIA forecasts a shortage of oil supply compared to demand, with a potential oversupply situation in 2025.
- OPEC+ nations plan to phase out production cuts, but historical data suggests underestimations in global demand and overestimations in needed supply.
The current oil situation can only be described as interesting. Although both WTI crude and Brent crude prices have pulled back from their highs earlier this year, they are still quite elevated. In fact, using the most recent data available, Brent crude prices are up about 13% compared to where they were the same time last year. WTI crude, meanwhile, is up a robust 14.5%. This is in spite of broader economic concerns and the looming specter of a production hike from OPEC+ nations that's expected to occur later this year....
Oil Markets Tilt Bullish