ECONOMICS: CIBC's 2012 Forecasts - North American Oil and Gas
North American oil and gas: "Our outlook for global oil demand growth is more bullish than consensus, based entirely on anticipated growth in the emerging world. China, even if slowing, is key to this view. One variable in support of our view that oil prices in 2012 will be higher, on average, than they were in 2011, [is] commercial inventories...commercial oil inventories have declined steadily to the lower end of the five-year range in the OECD as a whole.
True, oil demand growth has been less than robust recently, but we would emphasize that it doesn't necessarily take much oil demand growth to tighten the global balance. American gas, meanwhile, will continue to languish in oversupply, not forever but for at least another year."
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