Seasonality bearish.
Fundamentals bearish.
Charts bearish.
Production bearish.
Demand falling.
China SPR full.
Dollar rising.
Look at the big picture. The monthly chart i just posted.
We are very much still in a bear market.
You dont get big red bars like we have lately in a bull market.
Market must account for the big spring rally that was predicated on false beliefs.
1) OPEC would freeze.
2) US gas demand was much higher
3) US Shale production would be much lower
All three of these items were wrong.
I believe in my opinion we are going to new lows.
Fundamentals bearish.
Charts bearish.
Production bearish.
Demand falling.
China SPR full.
Dollar rising.
Look at the big picture. The monthly chart i just posted.
We are very much still in a bear market.
You dont get big red bars like we have lately in a bull market.
Market must account for the big spring rally that was predicated on false beliefs.
1) OPEC would freeze.
2) US gas demand was much higher
3) US Shale production would be much lower
All three of these items were wrong.
I believe in my opinion we are going to new lows.
Dollar raging and gasoline lagging.
Opportunity to add to your crude short today.