- The key variant perception in the oil market this year has nothing to do with supplies, it's OECD oil demand.
- Every energy agency and sell-side supply and demand models are underestimating OECD demand by a magnitude of 1-2 million b/d.
- As COVID restrictions get lifted, demand will only surprise to the upside.
- If US shale growing at an extra 200-300k b/d has the possibility of de-risking this oil bull thesis, then it's a crappy thesis to begin with. And based on our latest update, it's not.
- The key variable this year to watch is OECD demand.
For further details see:
The Most Important Variant Perception In The Oil Market Today Is OECD Demand