- Oil prices continue to rise as supply constraints from OPEC+ delay the onset of oversupply
- WTI traded just shy of $80/Bbl Thursday morning as U.S. crude oil stocks declined and Canadian and Bakken supplies were disrupted by a deep-freeze (BBG)
- Concerns of OPEC+ supply were fanned with unrest in Kazakhstan
- Russia and its allies sent troops to help shut down protests in Kazakhstan
- Dozens of anti-government protestors were killed and hundreds wounded
- There was no sign of disruption to oil output, but prices for uranium surged almost 8% amid the unrest in the world’s largest supplier of the nuclear fuel
- The world is at the beginning of a commodities supercycle that could last a decade, Jeff Currie of Goldman Sachs said in an interview with Bloomberg TV
- The bank is “extremely bullish” on commodities; it’s the “best place to be right now”
- Currie said the oil market has the potential to get extremely tight over the next six months
- It is looking increasingly unlikely that Iranian output will return in 1Q