Bank of America says long oil is the best upside hedge into the US election

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Writing just before the Monday pop higher for crude, Bank of America analysts says oil prices were reflecting any risk premium at all, “zero”. Said it was trading cheap.


  • oil the “best upside hedge for pre-US election geopolitical risk”
  • there is “no Goldilocks in Geopolitics as global players not too focused on de-escalation”
  • and that oil is the “normal asset winner on unanticipated conflict”

I posted yesterday on Goldman Sachs seeing supply tightness ahead:

  • We expect that healthy consumers and solid summer demand for transportation and cooling will push the oil market in a sizable Q3 deficit of 1.3mb/d

This article was written by Eamonn Sheridan at

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