The oil price rally is far from over, with inventory drawdowns across the world suggesting the market is far from being balanced OPEC+ appears in no rush to add supply to markets and appears to be producing below its self-imposed production ceiling The steepest 12-month Brent backwardation since 2013 is yet another bullish indicator for oil prices Even after hitting the highest levels in several years in recent days, oil prices have further room to rise this winter. At least short-term market fundamentals suggest so, analysts say. Inventories around the world have fallen to below the pre-pandemic five-year average as stocks are depleting, with demand bouncing back amid a weaker supply response from producers. The energy crunch in Europe and Asia and record-high natural gas and coal prices add more arguments to the bullish case for oil in coming months as a switch from gas to oil products such […]