Oil Falls As Short Covering Seems To Have Run Its Course
By Matt Smith
OilPrice.com
Tue, 15 March 2016
Seventy-eight years after oil was discovered in Saudi Arabia, and the Kingdom continues to wield its influence as much as ever. As oil prices charge lower today as short-covering seems to have run its course and as hopes surrounding production ‘freeze’ talks evaporate, here are eight things to consider in the oil market:
1) We have now seen the completion of the triumvirate of monthly reports from key agencies, with the arrival of OPEC’s monthly oil market report yesterday. The cartel has kept its demand growth expectations steady for this year at +1.25 million bpd, with growth seen predominantly from China (+0.29 million bpd), U.S. (+0.25), Middle East (+0.18), India (+0.18 million bpd) and the rest of Asia (+0.18 million bpd). Indian demand growth looks a little low-balled, but hey.
The Rest…HERE
