A few possible paths for WTI.
Overall Harvey is bullish for oil
- higher consumption of product from stores
- refiners world wide increasing production/consumption of crude to fill the product gap and take advantage of the RBOB spreads
- curtailed crude production in the GOM and shale
- spread between Brent/WTI driving higher exports of WTI to Asia
The market will reach equilibrium again, and when the dust settles, the outcome will be positive for WTI.
Depending on what OPEC does in the next step will determine longer term pattern, at the moment the 2018 pattern is bearish, this leg being the completion of Wave 2. Wave 3 next will be very bearish unless there is a geopolitical disruption or a new deal.
Overall Harvey is bullish for oil
- higher consumption of product from stores
- refiners world wide increasing production/consumption of crude to fill the product gap and take advantage of the RBOB spreads
- curtailed crude production in the GOM and shale
- spread between Brent/WTI driving higher exports of WTI to Asia
The market will reach equilibrium again, and when the dust settles, the outcome will be positive for WTI.
Depending on what OPEC does in the next step will determine longer term pattern, at the moment the 2018 pattern is bearish, this leg being the completion of Wave 2. Wave 3 next will be very bearish unless there is a geopolitical disruption or a new deal.
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