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WTI's path to $85 by end of Q2 - My 60/40 take.
Been looking at the WTI charts a lot lately, and I'm leaning towards us hitting or at least testing the $85 mark before the end of Q2. My rough odds are probably 60/40 on this. The geopolitical premium seems baked in for now, but I'm thinking the real push comes from a combination of demand outlook (as travel picks up into summer) and potentially some unexpected supply-side disruptions – think maintenance or minor outages. Inventory draws haven't been as aggressive as some hoped, but the underlying trend feels firm. I'm not seeing anything that suggests a massive pullback in the short-term, given the current environment. What are others seeing that might push it higher or hold it back?
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I'm also watching WTI closely. The demand outlook for summer travel is definitely a factor, but I'm curious how much of that is already priced in given the recent run-up. Are you seeing specific inventory drawdowns that support an $85 target beyond just the general seasonal uplift?