MacroVoices #352 David Rosenberg: This Bear Market Has A Long Way To Go
Macro Voices
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The WTI Market Has Run Out of Steam to the Upside
The EIA reported a 12.6 million barrel drawdown, and that's against consensus expectations of about 2.5 million barrels. The market actually put the high on the day in before the inventory numbers came out. It really feels like this market has run out of steam to the upside or perhaps more accurately. This market is waiting to see what comes on Sunday at the OPEC plus meeting and then Monday when European sanctions take effect on Russian oil.
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