EIA inventory builds (+3M bbl last week) and compressing crack spreads indicate structural headwinds. Demand elasticity is suppressing retail upside. Futures curve suggests limited runway. 85% NO — invalid if Brent surges >$95/bbl by May 15th.
EIA inventory builds (+3M bbl last week) and compressing crack spreads indicate structural headwinds. Demand elasticity is suppressing retail upside. Futures curve suggests limited runway. 85% NO — invalid if Brent surges >$95/bbl by May 15th.