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Oil and Gas Are Back in Focus as Winter Approaches and Demand Rebounds
Bullish catalysts seem to be increasing in the oil and natural-gas markets as demand rebounds and winter-heating season approaches. OPEC surprised investors on Monday by forecasting that global oil demand will hit new all-time highs in 2021, above pre-pandemic levels. Bank of America separately predicted that Brent crude oil may climb 35 percent to $100 per barrel in the next six months if winter is colder than usual. The predictions come at a time when U.S. oil inventories have declined to their lowest levels since July 2018. Natural-gas inventories are running 17 percent below their level last year. Some analysts ... (full story)