JBC's Gory Expects Oil Inventories to Build After Summer

The transcript discusses the seasonality of oil inventories, noting that they decline during peak summer demand but are expected to build again post-summer. OPEC's assessment of declining inventories is considered accurate for the current period. The market sentiment is bearish due to unmet expectations of tightening in the first half of the year, leading to lower oil prices than anticipated. The discussion highlights the disconnect between current oil prices and supply-demand fundamentals.

What expectations were set for oil prices during the summer period, and how did they compare to actual prices?

What reasons are given for the bearish sentiment in the oil market?