How quickly the oil production freeze narrative has fallen apart.
Source: stockboardasset
Indeed, it's been a tough two days for oil bulls holding on to hope that excess oil production will normalize in the near term and that the world's oil suppliers would somehow manage to curb oil production in the aftermath of the OPEC's November 2014 cartel collapse.
Submitted by Jesse Felder via TheFelderReport.com,
By EconMatters
With the amazing drop in Oil Rigs just over the last two months, the pain for U.S. Oil Producers is just getting started, expect U.S. Oil Production to start dropping off a cliff. We delve into the Oil Data metrics as to why April, May and June are strong months to be invested from the long side in the Oil Market - the seasonally strong part of the market from a demand perspective.
Greek politicians wasted no time in seeking a response from the IMF over the leaked transcript released earlier today by Wikileaks suggesting the IMF may threaten to pull out of the country's bailout as a tactic to force European lenders to more offer debt relief, and which according to the Greek government was "interpreted as revealing an IMF effort to blackmail Athens with a possible credit event to force it to give in on pension cuts which it has rejected."
As the market has swung from despair in the first half of Q1 to sheer, central-bank driven euphoria, here are some words of cautin from SocGen's Andrew Lapthorne.
From sanguine-to-bearish-to-complacent – What next?