Commodity Trade Mantra
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Posts Tagged ‘Crude Inventories’

Will Crude Oil Prices slip to $55 before Resuming the Rise to $82 or continue this Rally?

Oil prices are treading water above $US 60/B (WTI) again, the first time since 2015. The current commercial short position of 1,414,461 short contracts in crude oil is a record short position. The bottom line is that investors are excessively optimistic while Commercials are at a record level of bearishness. What is unknowable is whether a pullback will be short and shallow or long and deep.

Oil Slides As Inventories Trump Iran-Yemen Push-Pull

The crude oil rally due to airstrikes on Yemen, reversed the sell-off that occurred in part on the rising odds of a deal with Iran being reached. Both events may have negligible near-term supply impacts, with the build in crude inventories set to continue in 2Q15. It appears today’s weakness indicates a dawning realization that there’s still too much.

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