Oil prices have underperformed this year as growth years continue to loom large, but are the lower prices here to stay or is the recent weakness overdone?

I think it's a lot of it do with the macro environment that we're in that are creating these incentives to

de-stock. I think the key message here is it cannot go on forever.

Eventually you have nothing left to de-stock. I'm Allison Nathan and this is Goldman Sachs exchanges.

To help shed light on what's going on in the oil and broader commodity markets,

I'm sitting down with my colleague Jeff Curry, global head of commodities research in Goldman Sachs research.

Jeff, welcome back to the program.

Great, thanks for having me. Jeff, when you last came on this podcast earlier this year,

I hate to remind you that you were very bullish on commodities and of course oil prices in particular

have substantially underperformed this year so my first question has to be to you have

you ever been this wrong for this long?

The answer to that, I believe is no.

And Allison, you were on this team going back.

It's been over 20 years now for a decade and a half.

Do you ever remember a time we were this wrong for this long without seeing some kind of

information to change our view? And the only time that comes to my mind, Jeff, is heading into the

financial crisis or a couple months there where we were still bullish and obviously

ended up changing that forecast but pretty quickly within a couple months. So yeah, it's been a while. So what's going on and

why are you sticking to your bullish views here?

Let's start with why we're not changing our forecast.

When we look at the demand data,

whether if it's oil, metals,

...