History may not repeat but often rhymesLooking back to this time in 2006 on the monthly WTI and you see same pattern and time frames similar to today. We should see a bounce soon heading into the 2019.
Now dont get me wrong. There are many other reasons to believe this.
Large drawdowns happening over the next 5 weeks starting next week.
KAS chatting up cuts to production.
R-OPEC (KAS&Russia) Brent target 75-85
Iran madder than women who lost a shoe, will try something stupid.
Venezula production still falling.
Brazil production lower than forcast
Kuwait production neutral zone production not really going to happen.
US exports up
Election behind us soon and Trump on to other things to tweet about.
Largest emerging economies are still growing (India, China, Asia)
S curve growth due to accelerate for Inda prompting higher demand for oil exponentially
Canadian CBR to continue to ramp up along with Line 3 expansion driving down diff's and therefore reflecting on positive investor sentiment on Cdn E&P's
And many other factors that we can add but if you believe in charts and things repeating go with the 2006 theory.
Cheers all
Long CPG