Stark warning from oil executive
BP Chief Executive Officer Robert Dudley told a conference yesterday, "We are very bearish for the first half of the year ... In the second half, every tank and swimming pool in the world is going to fill and fundamentals are going to kick in. The market will start balancing in the second half of this year."
Bloomberg has the story. They also spoke with Jeff Currie, head of commodities research at Goldman Sachs Group who said, "I wouldn't be surprised if this market goes into the teens."
The latest inventory data is out at the bottom of the hour.
