The panic-buying continues in the crude complex. Oil prices are up for the 3rd day in a row, trading up to $46 for the first time since December 4th 2015. Despite continued growth in inventories and worse than expected economic growth, it appears speculative traders in black gold just can’t get enough… Of course, as we just detailed, this merely accelerates the self-defeating re-birth of shale production as cash-flow desperation trumps rationality.
June crude is back at its highest sicne Dec 4th 2015… and above its 200dma…
The last time June crude was here, the rest of the curve was over $4 higher… think about what that says about the real confidence in this bounce…
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