Commodity Trade Mantra
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Posts Tagged ‘Gasoline 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.

These Fundamentals Point To Higher Oil Prices

Investors overlooked the bearish news of crude stocks that still remain at all-time highs, because of another more interesting development. Gasoline stocks have declined rather significantly in recent weeks, at a much faster rate than at this point in the 2016 season as demand is rising. That, along with a few more reasons, makes one surely feel optimistic about oil prices.

Why The Price of Oil Tanked And Why It’ll Stage A Comeback

WTI spreads stayed in a bearish pattern this week with help from a flood of imported crude into the US, a modest inventory build in Cushing and OPEC deal jitters which were particularly harsh. Our current view still calls for a $47-$55 range heading into the OPEC meeting later this month and we see several reasons why oil should find its footing and potentially rebound in the near term.

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