oil market

After years of being oil's biggest cheerleader, "oil god" Andy Hall, who starting with the OPEC Thanksgiving massacre in 2014 has had several abysmal years, in the process losing the bulk of his AUM, finally threw in the towel last week when in a July 3 letter to investors, he admitted that "the facts have changed" and that "fundamentals have deteriorated significantly" adding that "demand growth seems to be somewhat less than anticipated while supply keeps surprising to the upside...

Authored by Nick Cunningham via OilPrice.com,

OPEC has agreed to extend its production cuts for another nine months in an effort to bring the oil market back into balance. Keeping in place the 1.2 million barrels per day (mb/d) of OPEC cuts, plus the 558,000 bpd of non-OPEC reductions, for nine months rather than six should be enough to “normalize” crude oil inventories, according to most analysts.

Authored by Nick Cunningham via OilPrice.com,

As pessimism sweeps over the oil market, a few prominent voices are unbowed, arguing that the market is well on its way towards balance.

"Ignore the drop in oil prices... it's just technical" is the message from Goldman's bullish Damien Courvalin who believes fundamentally the pace of the inventory declines are encouraging and does not see evidence in the oil market to justify this (negative) shift in sentiment. In other words, BTF Oil Dip!

Another technical oil sell-off

By EconMatters

We discuss the oil market in a comprehensive manner in this video, and lay out why the economics of the oil market are not correctly aligned right now. The world Oil Market was not set up for both the Middle East and the United States to be pumping at Record Levels!

https://www.youtube.com/watch?v=1cxGj1jOal8