The balance of supply and demand already swung from surplus to deficit in June, according to Standard Chartered PIc. The shortfall will more than double in coming months, draining oil inventories by a hefty 2.8 million barrels a day in August, the bank estimates.
"All the micro-fundamental factors are finally turning bullish," said Trevor Woods, chief investment officer at commodities hedge fund Northern Trace Capital LLC. "I mean, these draws are gonna be huge."
Can someone say 1970’s revisited? $Occidental(OXY)$
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