Looking at refinery data nearly half of the US refineries are still offline. With weather improving I feel we are likely to see refineries come back online and restore balance supply demand wise. PPI and CPI will impact oil along with the ongoing change in narrative the Chinese recovery. Last week they announced that they're changing their GDP forecasts from 9% down to roughly 6%. In the background where likely to continue to see the yuan weaken and oil is likely to follow.
Currently I have a small short position. I'm reviewing exploration companies services companies and auxiliaries as their most at risk here
Currently I have a small short position. I'm reviewing exploration companies services companies and auxiliaries as their most at risk here