The Oil Market
EconMatters | May 29, 2017 12:59AM ET
We discuss the oil market from a fundamental, technical, economical and trading perspective in this comprehensive video on the current state of the oil market after the latest OPEC Meeting and extension of the Price Cut Strategy. The Economics of the market still don't match the fundamentals of the oil market.
The global oil market doesn`t have a place for US Production to be producing 9.5 Million Barrels per Day, which we are on trend and course for reaching in the near term. Ultimately, oil prices need to crash, and firms go out of business losing their principal operations in a liquidation event for economic discipline to reassert itself in the oil market. Moving up in short term on back of the OPEC Production Cuts Extension and the stronger demand environment of the Summer Driving Season may provide a nice setup for the next leg down in the oil market.
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