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Brent Dec-15


FiringSquad13

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Oil fundamentals are bearish.

Production is up in the US even as rig counts are down.

The term structures have also moved bearishly in the last week .

Crude storage is being bid for quite aggressively in the US as well.

 

Don't think the support will hold.

 

Just my thoughts.

 

Cheers,

 

JB.

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Support has gone.  Interesting times ahead.  One of the problems for oil is a strong dollar.  However if and when rates rise, you would expect the dollar to get stronge which would put further pressure on commodities across the board.  Although saying that, I think the markets have generally priced in a rate rise already.

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