Analyst/ETF Trader Paul Weisbruch of Street One Financial brings us his daily fund flows update, which today points out bearish bets rolling in on crude oil, along with elevated levels of volatility in U.S. equities.
From Mike Burnick: Earlier this month, I wrote about the bearish headwinds facing the oil market and laid out my forecast.
From Zacks: The pain in the oil patch seems to be prolonging as the U.S. Energy Department’s inventory release showed that crude stockpiles recorded an unexpected build. This hurt oil prices that were already hit by geopolitical concerns.
From Mike Burnick: Last week, OPEC and non-OPEC producers agreed to extend oil-production cuts for another nine months. These cuts amount to 1.8 million barrels per day from late 2016 levels.
From Mike Burnick: Way back in October, my colleague Larry Edelson accurately called the fate of OPEC’s efforts to depress oil production as well as lift oil prices.
From John Ross Crooks III: Last week, a Reuters article suggested that OPEC production cuts would bring global crude oil supplies out of storage and onto the market.
Analyst John Ross Crooks III presents his case for betting against oil in the near term, with prices likely having already hit their post-OPEC peak.
NYSE:BP, NYSE:CVX, NYSE:TOT, NYSE:CEO
NYSEARCA:USO, NYSEARCA:UCO, NYSEARCA:SCO
NYSEARCA:USO, NYSEARCA:XLE, NYSEARCA:UCO, NYSEARCA:SCO, NYSE:COP, NYSE:CVX, NYSE:XOM
NYSEARCA:USO, NYSEARCA:UCO, NYSEARCA:SCO, NYSE:CVX, NYSE:COP, NYSE:XOM, NYSE:DVN