Norstrats
  • News
  • Business
  • Entertainment
    • Gaming
    • Music
    • Sports
  • Lifestyle
    • Health
    • Fashion
    • Food
    • Fitness
  • Tech
    • App & Software
    • Digital Marketing
    • Gadget
    • PC & Mobile
    • Social Media
  • Education
No Result
View All Result
Norstrats
  • News
  • Business
  • Entertainment
    • Gaming
    • Music
    • Sports
  • Lifestyle
    • Health
    • Fashion
    • Food
    • Fitness
  • Tech
    • App & Software
    • Digital Marketing
    • Gadget
    • PC & Mobile
    • Social Media
  • Education
No Result
View All Result
Norstrats
No Result
View All Result

Oil market will ‘flip to being undersupplied’ in coming months, says strategist

Ruchir by Ruchir
in News
0
Oil market will ‘flip to being undersupplied’ in coming months, says strategist
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter

The imbalance between oil supply and demand is likely to reverse going into the summer, says one analyst.

“Currently, the global oil market is probably slightly oversupplied. It’s going to flip to being undersupplied sometime in the late second quarter or early third quarter,” Tortoise portfolio manager Rob Thummel told Yahoo Finance Live.

“When the oil market is undersupplied, typically you see a positive price response. So we would expect oil prices to rise a bit,” said Thummel.

Crude prices have been under pressure recently, despite a production cut announced by OPEC+ last month. West Texas Intermediate (CL=F) and Brent (BZ=F) initially surged on the news but have since lost those gains.

WTI closed at $70.04 per barrel on Friday. Brent futures settled at $74.17.

Oil analysts anticipate a rise in demand as China’s economy reopens following strict Covid lockdowns last year.

“The whole world is waiting on when does the Chinese economy reopen. And it’s gradually reopening,” said Thummel. “We expect the demand for oil globally in China to grow and accelerate throughout the rest of this year.”

An oil worker drives a forklift truck towards a drill rig after placing some ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas, U.S. November 22, 2019. Picture taken November 22, 2019.  REUTERS/Angus Mordant

An oil worker drives a forklift truck towards a drill rig after placing some ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas, U.S. November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant

Thummel expects gas and oil related stock prices to rise in tandem with crude. Year-to-date, they the S&P Energy Select Sector (XLE) is down 10%, underperforming the broader markets.

“We think at Tortoise it’s an attractive time to be looking at the energy sector because prices are probably low. They’re probably going higher. And that will just result in an uplift of all energy stocks,” said Thummel.

Ines is a senior business reporter at Yahoo Finance. You can follow her on Twitter @ines_ferre

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance



Source link

Previous Post

You see a dog trapped in a hot car: What are you allowed to do?

Next Post

Significant El Niño event is almost guaranteed this year, experts warn. And it could be a big one.

Next Post
Significant El Niño event is almost guaranteed this year, experts warn. And it could be a big one.

Significant El Niño event is almost guaranteed this year, experts warn. And it could be a big one.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Recent Posts

  • Dashcam footage shows the terrifying moment part of a missile narrowly misses a moving car in Kyiv June 1, 2023
  • Rep. Lauren Boebert Reveals How She Really Feels When ‘Positive’ Voters Call Her Office June 1, 2023
  • Search Ends for High School Grad Who Jumped From Bahamas Cruise, Possibly on a Dare June 1, 2023
  • DeSantis’ Pastor Buddy Tweeted WHAT? June 1, 2023
  • Top Australian soldier loses defamation case June 1, 2023

Follow Us

Popular Posts

  • kayatan

    Kayatan Com – Watch the best free videos online on

    434 shares
    Share 174 Tweet 109
  • auth.streamotion.com.au/activate

    428 shares
    Share 171 Tweet 107
  • Videovor – Download Youtube MP4 Videos And Alternatives

    423 shares
    Share 169 Tweet 106
  • How Many Smoke Detectors Do You Need in Your House?

    420 shares
    Share 168 Tweet 105
  • 6 unhealthy practices men follow regarding their diet

    412 shares
    Share 165 Tweet 103

About Us

NorStrats

Norstrat is a global integrated communications company that provides various services such as digital marketing, social media marketing, and business.

Contact Us: admin@norstrats.net

Menu

  • Pet
  • Real Estate
  • Tip & Trick
  • How-to
  • F95zoneus

Popular Posts

  • Dashcam footage shows the terrifying moment part of a missile narrowly misses a moving car in Kyiv June 1, 2023
  • Rep. Lauren Boebert Reveals How She Really Feels When ‘Positive’ Voters Call Her Office June 1, 2023
  • Search Ends for High School Grad Who Jumped From Bahamas Cruise, Possibly on a Dare June 1, 2023
  • DeSantis’ Pastor Buddy Tweeted WHAT? June 1, 2023
  • Top Australian soldier loses defamation case June 1, 2023

Recent News

Dashcam footage shows the terrifying moment part of a missile narrowly misses a moving car in Kyiv

Dashcam footage shows the terrifying moment part of a missile narrowly misses a moving car in Kyiv

June 1, 2023
Rep. Lauren Boebert Reveals How She Really Feels When ‘Positive’ Voters Call Her Office

Rep. Lauren Boebert Reveals How She Really Feels When ‘Positive’ Voters Call Her Office

June 1, 2023
  • Pet
  • Real Estate
  • Tip & Trick
  • How-to
  • F95zoneus

© 2022 NorStrats. Design & Developed by F95 zone

No Result
View All Result
  • News
  • Business
  • Entertainment
    • Gaming
    • Music
    • Sports
  • Lifestyle
    • Health
    • Fashion
    • Food
    • Fitness
  • Tech
    • App & Software
    • Digital Marketing
    • Gadget
    • PC & Mobile
    • Social Media
  • Education

© 2022 NorStrats. Design & Developed by F95 zone

error: Content is protected !!
Go to mobile version