Daily Note- Oil on the rise

Oil-Prices-480x280Summary:

  • Goldman Sachs note capturing imagination
  • US: Good data across the board
  • UK: CPI slows in April

 

Good Morning,

WTI crude gained $1.65 to $47.86 earlier this week after supply disruptions hit Nigeria and a Goldman Sachs note captured the market’s imagination.

Oil gains in the past month have been a triumph of technical over fundamentals. The lone hard news on Monday was a Genscape report showing another 694K barrels of crude going into storage in Cushing, OK. However this “bearish” news was swamped by the Goldman Sachs note, which raised near-term price forecasts for oil because of supply disruptions.

Download a FULL PDF version of the Daily Note

GlobalMacro360 Daliy Note 18th May 2016

Disclaimer

The statements, opinions and analyses presented in the articles, newsletters, and other materials appearing on this website are provided as general information and for educational purposes. Opinions, estimates and probabilities expressed herein constitute the judgment of the author as of the date indicated and are subject to change without notice. Nothing contained in this website is intended to be, nor shall it be construed as, investment advice, nor is it to be relied upon in making any investment or other decision. Prior to making any investment decision, you are advised to consult with your broker, investment advisor or other appropriate tax or financial professional to determine the suitability of any investment. David McWilliams shall not be responsible or have any liability for investment decisions based upon, or the results obtained from, the information provided.



Categories: Daily Note