Publications: Notes at the Margin

Synchronized Recovery: Implications for Oil (September 11, 2017)


Brent has moved into backwardation, while WTI remains in contango. Hurricanes Harvey and Irma have contributed to the market’s change. However, there may be a more fundamental economic reason: growth. One can see now, however, the development of a two-speed global economy, with the rest of the world growing while the United States languishes. In this environment, expect to see growth in petroleum demand in Asia and Europe increase above projected levels, while use in the United States may stagnate or even decline.


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