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VCSC Daily - Stocks plummet as global sell-off triggers local profit taking - NLG, PVD

Oil & gas sector: Higher oil price forecast. Given the high compliance of OPEC's production cut (138% of the commitment in January 2018), expected stronger demand growth (with estimated Chinese imports rising by 7.7% YoY in 2018) and falling US inventories despite record shale-oil production, we raised our oil price base case assumption by 5% across the forecast period to USD65/bbl for 2018-2020 and USD70/bbl for 2021-2022.