Oil Trades Above $62 in New York

The video features Mark Keenan, a global commodity strategist, discussing the current state of the oil market. He highlights concerns about speculative net long positions and their impact on market stability. Despite a recent decrease in market length, positioning remains a key concern. The market's backwardated curve structure provides a positive roll yield, offering some comfort to long-only investors. Keenan emphasizes the need to monitor these factors as they influence market dynamics throughout the year.

What was the fundamental price target for oil prices mentioned by Mark Keenan?

In what way did Mark Keenan describe the market's positioning as a 'three-legged stool'?