Well, I just can’t resist the “freeze” nonsense emanating from rumor mongers and trading algos to squeeze shorts once again.
It must be the 6th or 7th time this lame nonsense has hit the tape.
Sure, today the rig count dropped to near record lows. This should raise prices once again but once again it’s the boy that cried wolf.
A quick inspection shown below is a current satellite photo of thirty super tankers lined up near Basra Iraq features the tsunami of oil ready to hit the markets.
It ain’t freezing there.
Read more…