RE:JPMorgan bullish on oil WOW $150Including the fact that the futures market is in backwardation. 2026 oil futures are ~$70 which means there is little incentive for production growth at this moment in time. All in all, year over year demand growth plus the disincentives to supply growth, both fundamental and political, makes a strong case for a structural supply deficit.
The multi-year oil bull narrative continues.