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UBS See Oil Bears as Overreactive Post-OPEC+ Meet

OIL
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Oil sellers this week have got it wrong after the latest OPEC+ meeting according to Wayne Gordon of UBS Global Wealth Management in a CNBC interview.

  • “I think from this perspective, OPEC has been very clear,” Gordon said.
  • The possibility of OPEC bringing barrels back into the fourth quarter of this year is what has sparked the drawdown in prices over the last few days he said.
  • “We expect that demand will continue to pick up into the summertime – seasonal demand begins to really pick up pace over the next couple of months,” he said.
  • “The pop in inventories of late has been another element the bears have grabbed onto but we do expect inventories to draw down again and support oil in the mid-$80’s by the time we get into the third quarter,” Gordon added.
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Oil sellers this week have got it wrong after the latest OPEC+ meeting according to Wayne Gordon of UBS Global Wealth Management in a CNBC interview.

  • “I think from this perspective, OPEC has been very clear,” Gordon said.
  • The possibility of OPEC bringing barrels back into the fourth quarter of this year is what has sparked the drawdown in prices over the last few days he said.
  • “We expect that demand will continue to pick up into the summertime – seasonal demand begins to really pick up pace over the next couple of months,” he said.
  • “The pop in inventories of late has been another element the bears have grabbed onto but we do expect inventories to draw down again and support oil in the mid-$80’s by the time we get into the third quarter,” Gordon added.