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Weekly Oil Markets Recap - Bottom Is In

Summary

Oil prices finished the week largely unchanged.

Sentiment has now shifted into "too bearish" territory.

We think the bottom is in.

We ended the week pretty much flat to where we started.

It was a gut wrenching week as WTI fell below $40 before staging a sharp rally back. This week saw OPEC bring about the idea of a production freeze deal again and North Sea oil workers going on strike.

Sentiment via positioning has now shifted into "very bearish" territory as short sellers are piling in once again.

Despite concerns over refineries lowering throughput, the weekly oil inventory report showed refineries increasing utilizations. It contradicted what a lot of traders were expecting, and the report definitely caught some short-sellers off guard.

Going forward, we continue...


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