Oil ‘Supercycle’ Predictions Divide Veteran Traders
The two biggest Wall Street banks have now come out and said that commodities are in a ‘supercycle’ with rates in oil potentially reaching up to $100 per barrel as the pandemic begins to come under control in many nations across the globe. The levels would be the highest since 2014 and the new forecast comes as the supply and demand currently fundamentals are hallmarks of a so called supercycle. (The FT)
Oil prices near 13-month highs, supported by Texas cold snap
The deep freeze in the US has supported prices on oil at over 13-month highs as oil and gas production sites went offline as the freezing temperatures took hold in the south of the country. These gains were somewhat limited though as a wage deal was struck in Norway which averted potential strikes and disruptions in the Area. The oil market will have to wait for a day to see the EIA figures as a result of President’s Day in the US. (Reuters)