SaxoTV

Hansen: Why i'm not calling it an oil rally, yet

837 views
May 28, 2015 brent, brent crude, brent geo-political, brent price, brent spread, brent wti spread, bullish oil, commodities, commodities markets, commodities oil, commodities prices, commodities supply, commodities trading, commodity, commodity index, commodity investing, commodity investments, commodity market, commodity markets, commodity oil, commodity outlook, commodity prices, commodity strategy, commodity trade, commodity trading, oil, oil and gas, oil commodities, oil companies, oil company, oil consumer, oil decline, oil decline one year, oil declines, oil demand, oil drop, oil gains, oil industry, oil inventories, oil market, oil markets, oil news, oil outlook, oil price, oil prices, oil production, oil range, oil refinery, oil spread, oil stockpiles, oil stocks, oil supplies, oil supply, oil trading, oil wealth, oilsupply, ole hansen, ole hansen commodities, one year oil decline, saxo, saxo bank, saxo bank commodities, saxo bank group, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo bank tv, saxo capital markets, saxo traders, saxo trading, saxo tv, saxo tv saxo bank, saxo tv trades, saxo tv trading, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxobank, saxobank.com, saxotrader, saxotv, social trading, trade, trade idea, trader, traders, trading, trading risks, tradingfloor, tradingfloor saxo bank, tradingfloor trades, tradingfloor.com, tradingfloor.com insights, tradingfloor.com saxo tv, tradingfloorcom, us economic data, us economy, us oil, us oil inventories, us oil production, us oil stocks, wti, wti 50 a barrel, wti and oil, wti brent, wti brent spread, wti crude, wti crude oil, wti price, wti supply, wti vs brent
With OPEC meeting next week, Saxo Bank's Head of Commodity Strategy reflects on an 'amazing' year for oil. Ole Hansen says no one could have predicted crude's decline from its peak of around USD 110 / barrel a year ago. We have seen a small uptick in prices since the lows in January and although some in the markets suggest we could revisit that, Hansen disagrees. However, he doesn't see WTI in particular rising much more than the USD 60 it's currently trading at. 
Geopolitical events, of course, can always cause an oil price hike. Ole, though, thinks continuing US production will cap any rises. Next Friday's OPEC meeting is not expected to make any changes to production.