Another Day, Another V-Shaped Panic-Buying Spree in Crude Oil

Jon Energy

Suuposedly catalyzed this time by EIA forecast production cuts, WTI crude has spiked off an early tumble for the 3rd day in a row, running stops above $45. It appears the algos missed the fact that EIA also cut its price forecasts for the next two years, cut demand growth estimates, and confirmed OPEC production is higher than expected…
The trigger – apparently:
*EIA LEAVES 2017 U. S. CRUDE OUTPUT ESTIMATE UNCH AT 9.33M B/D *EIA CUTS 2018 U. S. CRUDE OUTPUT ESTIMATE TO 9.9M B/D FROM 10.01

This post was published at Zero Hedge on Jul 11, 2017.