In the oil market, the supply/demand equation is starting to find its own new balance. We remain fundamentally positive on the sector, as alternative energy resources will not be able to cover the full energy demand for an unforeseeable period.
Given expectations for continued above-average global industrial production growth and restocking needs, demand for commodities is set to remain supportive in 2022, especially as some market capacity got destroyed with the sanctions issued against Russia. The price of carbon will remain a key topic, while gold may be vulnerable as policy normalization begins.