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WTI hits the rocks..but for how long?

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Have been quietly going long on oil and have loved the volatility. However, WTI has paused for a breather since Monday and has gone off sideways. This has surprised me a little as Brent has not followed quite the same path. OK so stocks of WTI are larger than expected, but Heating, Diesel and Gasoline are not and the net imports are still 1.6 million or so. Point being there is still significant demand, but not for WTI. All this has caused a bit of head scratching and further research. So maybe it's just speculation combined with politics. Either way a reversal was due, but for how long? Markets are otherwise in pretty good shape and seemingly Bullish. We shall see. Am holding on to a long position for now as I took profits on Monday. 

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Thanks for the info Casey. As usual differing arguments. Oil was battered on Friday, but is recovering. Demand outlook may be downgraded, but not by much. Also oil is still at fair price. Venezuela, Iran, Iraq, Saudi on steriods plus the ever calm Russians and Trump, are rarely anything but  volatile. Oil is political. Price will rise some more. that's the position according to my reckoning.

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