MacroVoices #387 Jeff Snider: On Deflation and Soft Landing
Macro Voices
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The EIA's 17 Million Barrel Drawdown
EIA printed a record, 17 million barrel drawdown. I don't think we're going to see the SPR refilled. The breakouts above the 100 and 200-day moving average definitely spells at least what looks to me like the beginnings of a new bull trend. We could still see new lows on oil. But unless we get that dramatic reversal where there's a stock market crash or something of that magnitude, it looks to be beginning of a sustainable rally in crude oil.
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