USOI - We Are Close To A Bottom In Oil Prices

2024-05-15 12:30:00 ET

Summary

• Over the past month, oil has gone from a clear sell to what is now approaching an attractive buying opportunity for energy bulls.
• The primary reason for my bearishness was how extended speculative positioning had spiked to the upside.
• Fading speculators has undoubtedly been the best way to play the oil markets in recent times.

A buying opportunity for energy bulls

Over the past month, oil has gone from a clear sell to what is now approaching an attractive buying opportunity for energy bulls. In my most recent oil write-up, I made it fairly clear the obvious short-term path for oil and energy prices was to the downside. And, over the past month, WTI has pulled back around $10 from its peak in the type of moved that more or less aligned with my analysis....

For further details see: