Today hopefully will (tell us) if the relatively stable performance of the last two days is a correction, or the market actually is about to bottom out. From the technical perspective it is probably the former. Tamas Varga More Quotes by Tamas Varga More Quotes From Tamas Varga Today's weakness is just part of the general belief that the market is oversupplied. Tamas Varga energy Global oil stocks refuse to come lower. Tamas Varga energy The Kuwaiti strike is supporting prices. Tamas Varga top-news Oil is down because Iran said they would only join the output freeze group once they reached production of 4 million barrels a day (bpd). Tamas Varga most-read-articles It seems to be a healthy upside correction in an otherwise downtrending market. Tamas Varga company-news It's technical buying. It's pretty obvious shorts started to take profit when Brent prices dropped down to the 2008 low. Tamas Varga top-news Oil is still bearish, logically speaking any price recovery, if there is any, will be more likely in the second half of the year. Tamas Varga energy Chinese GDP data and the rise in the Saudi stockpile due to falling crude oil exports are weighing on prices. Tamas Varga energy Investors holding short positions have already started to take profit ahead of the weekend after four days of decline. Tamas Varga most-read-articles Bullish rhetoric from OPEC is helping drive prices higher, rig count data is also supporting sentiment. Tamas Varga energy Geopolitical tension created by Russia's involvement in Syria makes cooperation with OPEC highly unlikely, but talk of such collaboration is supporting prices short-term. Tamas Varga business The fall in rig counts (is) supporting an otherwise bearish market. Tamas Varga business The U.S. crude oil stocks build reported by the API last night is weighing on prices. Tamas Varga most-read-articles Markets are worried that a Greek debt default could hit European economic growth and thus fuel demand. Tamas Varga company-news Markets are worried that a Greek debt default could hit European economic growth and thus fuel demand, capital controls are not bullish for the economy, and not bullish for oil. How much can you spend on gasoline if you can't withdraw more than 60 euros a day? Tamas Varga energy It would be madness to try and talk bearish. Tamas Varga business The oil market is generally oversupplied with high Saudi exports and OPEC is unlikely to cut production, the dollar is also weighing on the market. Tamas Varga most-read-articles The Libyan and Iraqi oilfield skirmishes are worrying, there are serious supply issues there. Tamas Varga energy We have some technical buying and pre-weekend short-covering. Tamas Varga most-read-articles The market may just have moved down too far too quickly today, it was a bit overdone and people may be 'bottom-picking'. Tamas Varga most-read-articles
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