Crude Glut Could Take Years to Disappear, IEA via WSJ…

February 23, 2016 by Jim Colburn Leave a Comment

More bearish sentiment from this week’s IHS CERA conference in Houston, as reported by the WSJ (http://www.wsj.com/articles/crude-glut-could-take-years-to-disappear-iea-data-show-1456152294):

“In its medium-term report, the IEA said the oversupply that pumped inventories to an estimated 1.5 billion-plus barrels between 2014 and 2017 will continue until at least the end of 2017. It said the rapid decline in crude prices caused countries and companies to slash oil investment 24% last year and likely a further 17% in 2016.”

But, so far, the market is holding:

The chart is from http://barchart.com …

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