Oil prices are headed higher later this year amid increasingly bullish fundamentals, even though the market is still very much focused on macroeconomic concerns.
Global oil inventories will transition from inventory builds, on average, during the first half of 2023, to consistent inventory draws until the fourth quarter of 2024, the EIA said, adding that “This transition puts upward pressure on global oil prices.”
The International Energy Agency also believes the market will tighten in the second half of the year. Traders have focused on the ‘louder’ bearish signals so far and have been waiting for “show me the deficit” to turn more bullish on oil, Standard Chartered analysts wrote in a note this week. The bank expects large oil-supply deficits this quarter, and global demand hitting an all-time high in August.
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