Supply outages are ensuring that a rally is a slam dunk for oil today. Here are seven things to consider in the crude complex:
1) Goldman Sachs is being credited for encouraging a rally today, as it pronounced that the oil market is shifting into a deficit ‘much earlier than expected’, as a fourth Nigerian crude grade, Qua Iboe, comes offline due to a damaged pipeline. As demand growth continues to show strength, and outages start to add up, Goldman Sachs suggests that the market has shifted into a deficit this month:
…for the remaining 6 points and charts go HERE
related: Martin Armstrong: Saudi Arabia on the Ropes?
