sentiment is winning
hopefully fundamentals show some decent crude draws over the next month. I would be happy with an average of 80 dollar crude for the year. Not enough to tank the economy, high enough to earn a decent return.
some commentators on Russian exports seem to think their exports have dropped about 450k barrels per day over the past month. No idea if accurate.
Still a bizarrely high drilling rate from gas producers in the united states. I know of a few smaller drillers that have added some DUC's not sure if it is a big trend yet...
If the Iran deal is signed, we will see how much additional production they can bring to the market.