Thirty-one years after Michael Jordan was named Rookie of the Year in the NBA, and supply outages are ensuring that a rally is a slam dunk for oil today. Here are seven things to consider in the crude complex: 1) Goldman Sachs is being credited for encouraging a rally today, as it pronounced that the oil market is shifting into a deficit ‘much earlier than expected’, as a fourth Nigerian crude grade, Qua Iboe, comes offline due to a damaged pipeline. As demand growth continues to show strength, and outages start to add up, Goldman Sachs suggests that the market has shifted into a deficit this month: 2) In terms of Qua Iboe, we can see from our ClipperData that crude loadings averaged 320,000 bpd last year, accounting for 17 percent of total exports. There are four Nigerian grades offline now: Bonny Light, Escravos, Forcados and Qua […]