Seasonal Demand and Production Cuts Drive Oil Rally

Oil bulls have a narrow window for bullish bets as driving season and weather disruptions create a prime opportunity for a market rally. With the driving season in full swing and weather-related production disruptions upon us, now may be the best chance for a market rally this year. It is a pivotal moment for bulls, with the tide expected to change after this quarter when the driving season ends. Despite its presumption that global oil demand growth is on a long-term downward trend, even the International Energy Agency (IEA), often criticized for…