Edward Meir
Edward Meir
across anytime bulls heading hills shot
Yesterday's sell-off was a shot across the bow, but we don't think the bulls will be heading for the hills anytime soon.
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As long as the prospect of sanctioning 4 million barrels per day of Iranian oil is out there, the Iranian situation, in our view, will be the front and center issue that will command market attention.
increasing inventory latest markets odds remains seen situations three whether
It remains to be seen whether this latest really will be upstaged by this week's EIA inventory reports. We think not; the markets are grappling with three simultaneous geopolitical hotspots right now, increasing the odds that at least one -- if not all three -- of these situations will override the potentially bearish consequence of an inventory increase.
backdrop change economic global including numbers remains signs suggesting
There are still no signs of a downturn in global economic activity, suggesting that the fundamental backdrop for most commodities, including crude, remains favorable. We'll see if this week's U.S. numbers change any of that.