The Speaker is the smartest man in energy we know. Looking at oil supply and demand balances, he sees an inflection in the oil market by July, when oil balances will flip into deficit.

While oil demand has fallen by 8.6 million bpd to 91.2 million bpd due to the pandemic, oil supply should fall by 12 million bpd to a nine-year low of 88 million bpd, as OPEC+ agreed to curb production and shale producers turn off rigs at a record pace.

“Physical oil differentials point to a sharp positive

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