Tim Puko does a nice job laying out the bullish/bearish case here http://www.eia.gov/petroleum/weekly/
“No amount of oil put in storage in the U.S. was enough to dampen the optimism caused by the first estimates of OPEC’s January production,” brokerage PVM said.”…
“But the tight range of this winter’s trading has others worried. U.S. oil prices have settled in a $3.24 range in every session but one since Dec. 1. This, despite a record high bullish position from money managers, who had more than eight bets on rising oil prices for every one on falling oil prices as of Jan. 24, according to regulatory data.”
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