Why I think WTI goes over $100/bbl in Q2 - Jan 3

[dan_s]

Why oil prices are likely to go a lot higher. OECD Days of Consumption are at an unsustainable level.

"Early in 2022, the OECD Days of Consumption (DOC) figure is set to reach its lowest point since we started tracking all the way back in 2005. In reality, the system cannot bear inventories falling to such low levels for a prolonged period of time, especially as global spare capacity is shrinking. This is the mirror image of how the system had been stressed by the record-sized inventory builds of 2020 — so something has to give. Once again, we think that oil prices comfortably above strip levels will be needed in order to prevent a structural shortage emerging over the next several years." - Raymond James 1-3-2022