Sunday, October 23, 2016

Buried By Bullshit

CFTC Commitment of Traders crude futures speculative longs:

With WTI:

The U.S. Crude Oil ETF embeds futures rollover (contango) losses due to the pervasive glut. Meaning that the back months are always bid higher than the expiring month in the fantasy that OPEC will strike a deal or demand will float back from China...

"Keep buying. OPEC is going to reduce market share so shale can come back online. Any year now..."

Where the bodies are buried (monthly):

Deflation has caught up with oil