Between a resurgent dollar, surprise gasoline inventory build, surging US production, and UAE leaders questioning the oil market's rebalancing, WTI and RBOB futures are tumbling...
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This has erased more than half the end-March/early-April bounce in the energy complex.
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"The glaring rise in U.S. gasoline refined product inventories, in combination with persistent lower-48 production growth, keeps us cautious on oil prices," said Chris Kettenmann, chief energy strategist at Macro Risk Advisors LLC in New York. "We would not buy the intraday dip."
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