Chart from Eric. Inventory dataGetting closer to the bottom red line...while he says $100 is likely....I would gladly take where we are now for a few years
Eric Nuttall
@ericnuttall
Just follow the data and connect the dots while ignoring any bearish spin: November OECD inventories are only 78MM barrels above the 2010-2014 average...a period when WTI averaged ~ $96/bbl. 2H'22 travel demand surge + OPEC spare capacity exhaustion = $100 likely by YE'22 IMO.