Global crude could soar to $70/bbl this year in reaction to severe inventory shortages and a pending demand surge, Raymond James data shows.

“The inventory builds that everyone thought were going to happen in the first half of 2020 just didn’t materialize,” said Marshall Adkins, director of energy investment banking at Raymond James. “They were about half as big as the IEA (International Energy Agency) had projected and important because we have to work off those inventories to get back to a balanced market.”

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