John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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Davy Crockett

Hawkmoon

To: Hawkmoon who wrote (18067)	3/30/2016 9:27:21 AM
From: The Ox	2 Recommendations Read Replies (2) of 33421

Looking at the long term charts John posted, we can see a very strong bounce (over $50) off the 2008 low that then fell back and created the "higher low" just under $40/bbl on Brent, which coincided with WTIC's ultimate low. The comments in the ZH article that crude could fall back to the low 30s should not be a big surprise to anyone, IMO. At the moment, it appears that the US will avoid recession this year. If a stronger recovery process occurs, there will likely be more demand for crude. Maybe not enough demand to reduce the strong oversupply dynamics currently in place but we've also seen a dramatic reduction in drilling and exploration take place.

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