Despite slow start to oil price growth in 2017, Raymond James says $70 WTI is on the horizon. Bullish global oil demand is expected to draw 1 million barrels per day off inventories in 2017, positioning the supply/demand dynamic to boost WTI price of oil by more than 32 percent by year-end. For the last two years, analysts at Raymond James have forecast a draw of 900,000 barrels per day (bpd), and massive inventories at the beginning of the year did give them pause, they said in a note to investors. “So, did our model change after revisiting and scrubbing the most recent oil supply/demand trends? Short answer: it actually looks slightly more bullish than we originally thought!” they said. Prices in the low $50s per barrel have driven up demand by 400,000 bpd, making the RayJa model show the market as about 100,000 bpd undersupplied than expected in […]