Oil rebalancing taking longer than expected… WSJ

August 4, 2016 by Jim Colburn Leave a Comment

From today’s WSJ:

“Still, the rebalancing of the oil market is taking longer than expected due to a confluence of factors. Rising production from the Organization of the Petroleum Exporting Countries, Russia and Brazil is keeping the global glut in place at the same time that the shaky global economic growth outlook risks undermining demand.”

And this:

“”We’re going to continue to see pressure on the market because we simply remain oversupplied,” said Andy Lipow, president of Lipow Oil Associates in Houston. “Whether you call it crude oil, gasoline or distillates, there’s too much stuff around.””

Here is the link: http://www.wsj.com/articles/oil-prices-decline-on-crude-stocks-growth-1470306612

Yesterday’s EIA weekly inventory report showed a build in crude:

Also from the WSJ is “Analysts Turn Bearish on Oil Again”:

http://www.wsj.com/articles/analysts-turn-bearish-on-oil-again-1470308004

What are oil prices doing today? Up about a dollar!

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