Citi's Morse: Oil in $70 Range a Fair Value by Year End

The video discusses the pessimistic outlook on oil demand due to factors like the removal of Russian oil and changes in refinery capacity. It highlights a decrease in expected demand growth and the impact on the petrochemical industry. The discussion also covers the fair value of oil, considering market dynamics and cost structures, suggesting that the current high prices may not reflect true market value.

In what ways does the speaker believe the refining system is under duress?

What is the speaker's perspective on the fair value of oil and how does it compare to current market prices?