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MTECHTIPS;-Oil Dips on Demand Concerns, Russia Commitment to OPEC Cuts

Tuesday, April 16, 2019 5:01

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MTECHTIPS;-Oil Dips on Demand Concerns, Russia Commitment to OPEC Cuts

MTECHTIPS-Oil bulls have no intention of letting the market slide. Yet, pushing for new meaningful highs is going to require solid demand and a supportive economy, not just OPEC production cuts. There’s also the question of Russian commitment to OPEC+ output cuts beyond June, something Moscow has indicated reluctance to continue with, given its worries about losing market share to U.S. crude if it were to extend those cuts. New York-traded West Texas Intermediate crude settled down 49 cents, or 0.8%, at 63.40 per barrel. It hit a five-month high of $64.79 last week. London-traded Brent, the global benchmark for oil, settled down 37 cents, or 0.5%, to $71.18. It matched a November high of $71.78 last week. While those with long positions are still hopeful of moving to $65 and beyond on WTI and $72 or more on Brent, uncertainties about global oil demand and the economy still dog the market. “CTAs still have a ton of bullets as they are only 30% long of the maximum according to people who track it and that’s a risk to more upside,” said Scott Shelton, energy futures broker at ICAP (LON: NXGN) in Durham, N.C. “But the price action needs to fuel this buying and we need to reinforce the market with new highs, or the shorter-term systems will start to turn into a market that is not very short

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