Oil (CL=F, BZ=F) prices surged in Wednesday's trading session amid worries that Hurricane Francine would disrupt US production in the offshore region for an ...
) prices surged in Wednesday's trading session amid worries that Hurricane Francine would disrupt US production in the offshore region for an extended period. Tortoise senior portfolio manager and managing director Rob Thummel joins Market Domination to discuss the movement and the overall state of the oil market .
"Obviously there's not a lot of positive sentiment toward oil prices right now... Demand has come down a little bit, but still, oil demand is still going to be at least a million barrels a day, maybe more than that, globally, as far as growth is concerned," Thummel tells Yahoo Finance. He draws attention to the fact that OPEC+ has decided to keep additional supply off the market, keeping supply"constrained.
Rob I have to admit, I'm surprised to hear you say this about demand because I think almost everyone we've had to come on whose comment on oil prices has been not to say demand is terrible, but they've certainly not been enthusiastic about it.Well, I I just think if you look at and, and if you, if you step back and just look global energy demand in general is going up, it's gonna set this year, it's gonna set new device next year.
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