“The oil market looks to be broadly balanced in 2019, an improvement on 2018 which turned out oversupplied,” Morgan Stanley analysts Martijn Rats and Amy Sergeant wrote in a note. “This supports a partial oil price recovery.” The investment bank says that the plunge in oil prices has “overshot,” with the selloff having been magnified in December due to the global financial turmoil. To be sure, the fundamentals did turn negative, with weaker expectations for demand, weaker time spreads in the futures market, and…
