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NRGD - Peak Bearishness For Energy As The Onslaught Of Media Headlines Marks A Pivotal Cycle Bottom
MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN
Welcome to the peak bearishness edition of Oil Markets Daily!
Fundamentals do not determine when markets top or bottom, sentiment does. And this week's media headlines have been nothing but bearish for oil and the energy sector. What set off this bomb was BP's (BP) renewed outlook about how global oil demand is set to peak in the early 2020s.
To say this report was a complete waste of time to go through would be an understatement, but we pinpointed a few things that will make you roll your eyes.