Highlights Stronger global growth in the wake of continued and expected fiscal and monetary stimulus, and progress against COVID-19 are boosting oil demand assumptions by the major data suppliers for this year. We lifted our…
Highlights Continued upgrades to global economic growth – most recently by the IMF this week –will support higher natgas prices. In our estimation, gas for delivery at Henry Hub, LA, in the coming withdrawal season (…
Highlights The Biden Administration's $2.25 trillion infrastructure plan rolled out yesterday will, at the margin, boost global demand for energy and base metals more than expected later this year and next. Global GDP growth…
In the May 7, 2020 report, we argued that structurally low oil prices could, eventually necessitate a devaluation of the Saudi riyal. Our assumption for average oil prices was and remains $40 in 2020, $40 in 2021 and $35 in 2022. As a…
Highlights The EU’s €750 billion fiscal package, along with another round of US stimulus likely exceeding $1 trillion, will support global oil demand. On the supply side, OPEC 2.0’s production discipline likely holds,…
Highlights If the current low oil price environment is transitory, temporary fiscal tightening can be used to preserve the exchange rate peg. In our view, low oil prices are structural - crude prices will likely average $40 and lower…
Highlights A World Organization of the Petroleum Exporting Countries (WOPEC) looks set to emerge after today’s OPEC 2.0 video conference to discuss production cuts in the wake of the COVID-19 pandemic, and the market-share war…