193: Greg Newman – Dynamics and Themes Impacting the Global Oil Market
Chat With Traders
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The Key Fundamentals of Oil Prices
Futures prices again, and even the swaps to some degree, are trading on forward physical prices. So that's why things can change very abruptly because you might have a fear as a physical trader that things are going to turn around. We need to see either a deal made in the OPEC and Russia and actually the US are allegedly getting involved in those discussions. Now we need to see a deal made there because that will give confidence and speculators on the forward price. Once the demand returns, which you'll see in the refinery margins, that will be when the demand destruction that we've had is over.
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