Goldman’s Currie Says Commodity Supply and Demand Are Equally Weak

The video discusses the challenges in predicting commodity market trends, highlighting the weak demand and supply in the past year. It focuses on the oil market's backwardation and investment opportunities, questioning the stability of OPEC agreements. The global economic contraction, particularly in capital expenditure for manufacturing, is analyzed, noting the financial struggles of companies. The video concludes with a discussion on OPEC's production strategies amidst declining rig counts in the US.

What factors contribute to the wide range of predictions in commodity markets?

How does the current state of manufacturing output affect commodity inventories?

What does it mean for oil prices to be in backwardation?

Why are companies in the old economy struggling to earn their cost of capital?

What implications does a decreasing rig count in the US have for OPEC's production decisions?