11.06.2020
Market commentary on heating oil 11.06.2020
Amid the renewed and significantly more optimistic sentiment in the oil market, current inventory data continues to make headlines—and it paints a very consistent picture: the market is, and will remain for the foreseeable future, oversupplied. This should come as no surprise, considering how severely the economy was slowed down in the spring, while OPEC+ production was hardly curtailed. Experts predict that it will take well into 2021 to reduce these surpluses. It is also worth noting that current forecasts for future oil price developments are fundamentally based on the most optimistic scenario: a linear economic recovery and no setbacks on the coronavirus front.