Paul Gooden

The speaker explicitly stated the current physical oil supply outage is 12-13 million barrels per day, offsets are inadequate, and balancing will require demand destruction, pushing Brent crude prices to $120-$150. The closure of the Strait of Hormuz has created a severe physical deficit. Inventory draws will force futures prices to converge with higher physical market prices over time. Bullish on crude oil prices due to an acute physical supply shortage and the expectation that the futures market will re-price higher. A swift ceasefire and reopening of the Strait of Hormuz, allowing a faster-than-expected return of Iranian and Gulf oil volumes.