Oil Weekly: Oil Demand on the Rise
- By Viresh Kanabar
- 4 min read
Summary
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- Estimates for 2023 demand growth continue to get revised higher.
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- We find that a supply deficit remains the most likely outcome in H2, supporting our bullish view.
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- Changes in speculative flows look to be driving the oil price in recent weeks. We find that managed money net shorts are now larger than net longs, showing the market has become increasingly pessimistic.
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