Masses of shorts built into the poo going lower - China figures were ok - demand in oil is still growing out of China - most of Iranian oil available is heavy sour as they had to sell their better stuff during the sanctions and those fields need developing again... I can see a mini bounce and everyone knows the yank shalers are feeling it big time - can only be a matter of time before we see weekly declines in both production and rigs - then watch the ratchet affect on the poo because a lot of the shaler production is light sweet and everyone has been pumping the good stuff full tilt because buyers have the whip hand but those fields need capex to keep them pumping full tilt.
What we''re seeing is an increase in heavy sour including from Iran so once we get the decrease in light sweet from the shalers then what we produce here (light sweet) will take off because we will get a premium to the Brent. Brent is not actually the price most stuff is sold at its either above or below depending on quality.
What I see happening though is Brent rising due to the premium for light sweet dragging Brent up even though the heavy sours will still be paid peanuts thus the average for Brent will rise on less supply of light sweet. Environmentally heavy sour is the real polluting stuff as well with all that sulphur..
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