Yea i know.... Another analysts opinion take whatever you want from it.
But, sometimes they are right.
According to Pavel Molchanov, an energy analyst at Raymond James
“Chinese oil demand, which is ultimately what matters for oil fundamentals here, is actually doing fine,” he said. “It’s growing modestly. Nobody was expecting Chinese oil demand to grow 10% or even 7%. It’s growing at about 3% which is actually very fast for an extremely large economy – much faster than it’s growing in the U.S. or in Europe.”
yea i'm doing the same, waiting.. but i keep asking myself why has this thing hit a new low with this 2nd dip in oil prices. I've looked at short interest and its nothing unusual. It's possible there are some news articles out there
in wall st or barrons that are saying that this price drop is going to be prolonged or some analyst says shale oil
will bring oil prices down forever or china's demand for oil is imploding and will only shrink for another 10 years.
these boom and bust cycles are sure getting on my nerves . So much destruction going on with
each bust. The current bust has been a 1.3 trillion $ disaster.
China is most of the "world oil demand growth" so keep a close eye on how their economy is doing
On the supply side of things, the saudi's are burning through their cash with these low oil prices. they need 105 a barrel to have a postive cash flow and sustain their government spending. They're now resorting to issuing bonds to cut the burn rate on their cash. They've got some hard decisions coming up in the future.