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According to analysts at TD Securities, while the energy market’s oversupply narrative plays out, we continue to see starkly asymmetric risks that favor higher prices, as a larger-than-expected OPEC+ production agreement and as steadfast global growth into 2019 lift prices.

Key Quotes

“We expect money managers to remain cautious following the recent massive momentum shock. And, with CTAs looking for prices to break $56/bbl to the upside before covering their shorts, we still expect lackluster flow for the time being.”