Oil: Surging For The Least Obvious Reason

Oil: Surging For The Least Obvious Reason

(from seekingalpha.com:)

“In 2013 demand is expected to surge from Q1 to Q4 by 1.9 million bpd while OECD supply is projected to increase only slightly, from 20.6 million bpd in Q1 to 21.0 million bpd in Q4. This demand imbalance of 1.5 million bpd would have to be met by OPEC and/or drawdown of existing oil inventories. The IEA data set is shown below, with my emphasis on the demand spike into Q3”

Great, 1.5b barrels short with the highest number in history of rigs in operation. Texans have better find fast that parallel universe where thermodynamics support economics quackery.

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