Mexico’s “Legendary” Oil Hedging Desk Is Quietly Preparing For The Next Plunge
by Tyler Durden
ZeroHedge.com
Aug 12, 2016
While oil longs and Saudi Arabia are enjoying this week’s latest, substantial short squeeze, prompted if not so much by the latest set of cheerful, if repetitve, IEA “rebalancing” forecasts, the fundamental reality as confirmed not only by a recent Morgan Stanley report which sees oil dropping to the mid-$30s, but also by the just released Baker Hughes oil rig count which reported a spike of 15 rigs in the past week, the most since 2015, suggests that there is more downside pressure in store for oil. Some are already actively hedging for just that.
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