Destroying the Output Freeze and Elevated Oil Price Narrative

[kreslik.news]

This article was written by Idan Levitov, head analyst for anyoption.com.

Although jawboning from OPEC member states has been enough to squeeze market shorts and bring oil prices back above $40.00 per barrel over the last few weeks, these remarks remain a minor distraction in the bigger picture outlook for the energy complex.  Ignoring the commentary and focusing on the fundamentals shows that inventories remain significantly elevated across the globe, with a new glut emerging in refined products as the impact of Chinese teapot refining exports are felt at ports around the world.

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