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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (17816)	4/29/2016 3:09:47 PM
From: Goose94	Read Replies (1) \| Respond to of 203353

Crude Oil: *Floating oil increases.* There is a rising number of oil tankers holding crude at sea, a glaring symptom of an oversupplied market. Oil traders have bid up oil prices by more than 70 percent since early February, and there is a clear sense of bullishness throughout the oil markets. However, if the presence of oil sitting in tankers at sea is anything to go by, there is still a large glut of crude. "We...see worrying parallels to 2015, when oil prices rose sharply well into May before collapsing in the second half of the year," Commerzbank analysts concluded. There are reportedly oil tankers off the coast of West Africa and the North Sea that are going unsold. Reuters reports that shipping data shows 7 million barrels of North Sea oil sitting in tankers, and 10 million barrels unsold off the coast of Nigeria. This situation could foreshadow oil price declines in the weeks ahead.