Stanziale Brothers Split On Oil Direction
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Brother against brother, oil bull versus bear: Bruno Stanziale, principal in commodity sales at Bank of America, took on his sibling, Evaristo Stanziale, trader at SCS Commodities, as they told "Morning Call" viewers where they think petroleum is going.
Despite Wednesday's price jump, Evaristo Stanziale remains an oil bear. He told CNBC's Liz Claman that "overall, there's a good amount of supply" -- though he concedes that may change as we enter the driving season. He notes that the "market doesn't move in straight lines" -- and believes the oil market is "definitely due" for another correction downward.
Bruno Stanziale agreed that the U.S. domestic market for crude is "well-supplied," but cautioned that investors "have to look elsewhere" and take into account "dynamic global" demand.
He noted that conditions can change rapidly "as we've seen since 2003," and insisted that the oil market is "on the cusp of a step-change" that may bring prices to the "upper 60s, low 70s" by late May or early June. He predicted a "significant" year-on-year gasoline deficit.