Deutsche Bank comments are in refernce to their oil tanker shipping outlook, but have applicability to crude fo course:
- We believe the market will more heavily discount energy exposed companies, including tanker owners, based on current downside demand risks and negative macroeconomic sentiment.
- Oil prices have been on the decline over the past few weeks, falling further this week on weak manufacturing data out of China.
Deutsche Bank lowered its 12-month price target on oil-product carrier firm Scorpio.
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Oil price update, I've used 4 hour bars to illustrate the gap fill (on the OPEC+ output cut) ... and some!
