Here is Amrith Ramkumar’s piece on oil prices in which our own Andy Lebow is quoted:
““Sentiment has definitely turned much more positive,” said Andy Lebow, senior partner at Commodity Research Group. Several momentum indicators for oil have “all turned bullish, and that’s probably lent itself to some more buying.””
“Some say the wave of bullish positioning is putting the market in a vulnerable state. Questions continue to cloud the outlook for oil, such as whether the Organization of the Petroleum Exporting Countries and its allies will extend an agreement to cut production. Some analysts also remain skeptical that U.S. shale producers will stay disciplined in curbing output, if the price rally continues. Investors world-wide are also waiting to see if the U.S. and China resolve their monthslong trade dispute, and whether the Trump administration extends sanctions waivers to buyers of Iranian crude. Any disappointment in these events could exacerbate a reversal, as speculators liquidate their positions. But Mr. Lebow said there are reasons to think there are buyers currently on the sidelines that could be drawn in. The number of bullish wagers by speculators remains well below last year’s peaks. “There still could be more bullish appetite to the market going forward,” Mr. Lebow said.”
The article is dated, April 4th….