United States, Mr Burke, Cftc discussed on BTV Simulcast
Iran comes through. Once the US has put the sanctions on in full. You know, we expect that the market will tighten up relatively quickly. Also, we will see seasonal demand pickups coming through as well. So given all these factors together, we still are forecasting. Seventy dollars averages for this year seventy five for next year. If anything we see some upside to those numbers, we put together a chart to see what's been happening with the net long. It's about the basis of the CFTC data and our clients can pull this up at D TV, go. What is the risk from these trade tensions to the oil demand story? I mean, Mr Burke doesn't go into the details, but he pins the blame on external factors. One can speculate that trade tensions are going to be key. Yes. And in fact, the only negative scenario that we can really see which is bible is one where a full on trade war between China and the United States takes off two hundred billion dollars of goods with twenty five percent. Plus tariffs. That's the negative case scenario in that scenario, we do see substantial downside to oil prices. As things stand at the moment with the weakness in EM currencies. We do see that impacting demand for oil by between one hundred to three hundred thousand barrels a day, albeit on a slightly delayed basis. Nevertheless are factors which could impact oil demand with trade war being the largest who've done we still have a lot to talk about who Tanya restage with us. Let's get you a bit of a snapshot. But what the conversation.