Those first-quarter forecasts are even lower than what the futures market is pricing in and are 20% or more below the consensus estimates, according to forecasts.
"Oil prices have collapsed early this year amidst rising recession fears and 'panic' levels of risk-appetite," he wrote. "Until inventories actually begin to draw there is no fundamental support for spot prices; meaning that the same macro-head winds that helped crash prices in the last four weeks can again depress oil until, in our view, inventories begin to draw."
"Oil prices have collapsed early this year amidst rising recession fears and 'panic' levels of risk-appetite," he wrote. "Until inventories actually begin to draw there is no fundamental support for spot prices; meaning that the same macro-head winds that helped crash prices in the last four weeks can again depress oil until, in our view, inventories begin to draw."
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