Citi's Morse Sees Oversupplied Oil Market

Ed Morse, Citi's global head of commodities research, explains why his outlook for oil is "slated toward the bearish side," predicts U.S. production will be "on the low side" at the end of the year and says he doesn't expect an LNG crunch in Europe if Russia invades Ukraine. He speaks on "Bloomberg Markets."

[scottespeseth]

Oversupplied???? Total products consumed (implied demand) in the US just hit 21.6M bpd. This is well above 2019 levels.

[Luke-ministry]

Cushing is the central oil storage in the US and it is incredibly low and it should building this time of year and it's not.

[chandraalbuquerque]

2 days ago Morse saw oversupplied, today you ask him he will say supply crunch, after Citi's bonus day he will say kiss ma ass.

[raspberryridge]

Why on earth would you show a graph of gasoline prices while discussing domestic production ?

[Clubrat]

The higher it goes the harder it falls. Second quarter this year we will witness how weak this bubble economy really is^^

[Jonimusic]

Interesting.
So, will the new solid electrolyte non lithium battery have any effect long term?

[larsm]

Literally every prediction that this guy has called out over the past year regarding oil is/was wrong. How does this guy still have a job?

[rickagfoster]

This hasn’t aged well… 5 days later. Retire dude..

[augustuscaesar]

Gran Tierra energy GTE on the NYSE or LSE very cheap oil stock producing 30k bopd with exploration upside in Ecuador. Not financial advice.

[MonetaryRebel]

Finally someone with some sense. I keep telling people the Oil market is so overextended.

[shanedinapoli]

Delusional perspective ignoring global supply capacity vs global demand expectations as economies reopen.

[rickh]

so he missed the trade and is hoping to get in or he has gone short. Either way, he has lost. World oil inventory have been falling by 500million boe per week for the last 2 years. Every storage facility on the planet is running low.

[interpol]

I think oil prices are going up, dump cryptocurrencies and buy crude

[markminister]

I disagree with him respectfully. When the dollar crashes because of the sovereign debt crisis the price of oil, in dollars, will skyrocket. That said supply will increase to accommodate higher prices.