‘The Path of Least Resistance is Down’ for Oil

Vikas Dwivedi thinks oil is pricing in the big global surpluses expected next year. “We think the path of least resistance is down, and really, it’s fundamental,” he adds. He’s similarly bearish on natural gas. He discusses whether Russian oil will be taken off the market and expectations from other sources. He blames the lack of construction around the world, started during the pandemic, for part of the lack of demand.

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