Still Bearish On Oil
Check out these comments from my favorite analyst:
"*Our analysis of China Customs' data released today suggests year-over-year oil demand growth may be 75% BELOW our forecast for the Jan-Feb period. We're not sure how many market watchers/analysts will come to that same conclusion given most writings center on just monthly import changes.
*One oil trade publication put February's non-OPEC output about 2 mm b/d above year-ago levels. This delta is well above our own forecast. Such reports normally precede the IEA figures - which are due out tomorrow."
Wow, talk about bearish fundamentals! Maybe we will see a big drop in futures prices tomorrow?! Hopefully this report will make it clear to speculators that demand is stagnating and non-OPEC production is extremely healthy, contrary to the peak oil kooks.
"*Our analysis of China Customs' data released today suggests year-over-year oil demand growth may be 75% BELOW our forecast for the Jan-Feb period. We're not sure how many market watchers/analysts will come to that same conclusion given most writings center on just monthly import changes.
*One oil trade publication put February's non-OPEC output about 2 mm b/d above year-ago levels. This delta is well above our own forecast. Such reports normally precede the IEA figures - which are due out tomorrow."
Wow, talk about bearish fundamentals! Maybe we will see a big drop in futures prices tomorrow?! Hopefully this report will make it clear to speculators that demand is stagnating and non-OPEC production is extremely healthy, contrary to the peak oil kooks.
posted by Never-Limp at 1:15 PM
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