Higher-For-Longer Oil Scenario Is Here To Stay
Oil prices have been on a climb for over a week now as hostilities in the Middle East continue, and despite recent talk of a glut, the physical market is flashing signs of tightness—and higher oil for longer. Earlier this month, analysts were quick to start warning of an oil glut looming over the wo
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been strangling 10-14 million barrels per day of supply for three weeks, yet WTI is down 27% from yearly highs and Brent has fallen 25%. That's not "higher-for-longer" — that's demand destruction outpacing the largest supply shock in a generation.