"Over the last nine years, the IEA has chronically underestimated global demand (by 1 million barrels per day on average) and has been forced to revise its initial estimates higher"--in eight of the last nine years. Not only is demand better than the data suggests--but they argue "demand is raging." And that demand is meeting an undersupplied market. What's left is the adjustment in price!
The global oil market is clearly tightening. OECD crude oil inventories are falling by 1.2 million barrels PER DAY.
Read this: https://www.forbes.com/sites/bryanrich/ ... bf27291c27
Read this carefully
Read this carefully
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group