Oil Market bottom

I was thinking Oil would trade sideways for a while as it would take time to work off excess supply as drilling slowed.

IEA is now predicting a much faster decline in Non OPEC supply.

One cannot predict natural disasters and we seen a significant one

On the supply side, a wildfire in the Canadian province of Alberta has taken more than 1 million bpd of capacity offline in May, but the IEA noted outages in Nigeria, Libya, Venezuela and Kuwait, plus falling U.S. shale output, have also eaten into global output.

www.reuters.com/article/us-iea-oil-idUSKCN0Y30SI

ABC news video

What sad destruction. Who would have thought a wild fire would effect Oil prices and more important all these poor soles. Fort McMurray, population about 80,000 and everyone evacuated and likely the whole city will be wiped out, a big portion already. Amazing video on the Airport web cam, the city was engulfed in a matter of hours.

www.cbc.ca/news/technology/alberta-wildf...background-1.3565932

OPEC pumping at record highs and the latest key figures from the oil and gas industry show that U.S. crude oil stocks have risen to over 540 million barrels.

oilprice.com/Energy/Energy-General/Oil-R...gnore-Red-Flags.html

But oil prices hang in there. I guess the Central Planners want to keep oil higher than it was??

Rogers doesn't think oil has hit rock bottom, but since this video end of March, oil has gone higher. Maybe there is another washout yet to come?

The Professor sure picked the right time to start the topic.

After the so called big meeting, Oil went down for 2 or 3 days but bounced right back and higher. Seems over extended on the upside to me. Anyone else with any ideas here?

You and DJ called that one bang on - the meeting fails and down goes Oil
money.cnn.com/2016/04/17/investing/oil-m...section=money_latest

If I was a gambling man and I am - ha ha! I would bet a good outcome to this weekend meeting is already priced in. Looking at this chart I would bet more on a double top short term than a break higher

Seems to be a lot hinging on this meeting for major producers to freeze output. To me just looks like too many with too many conflicts to agree

www.cnbc.com/2016/04/12/oil-producers-ri...-price-collapse.html

What I mean is the Alberta Government is not predicting much more
www.cbc.ca/news/canada/calgary/alberta-b...rst-energy-1.3532141

Looks like the Canadian Government is predicting no decent oil price rise. Than if it is a government forcast proably not to accurate

U.S. crude inventories fell 4.3M barrels last week, according to the API. Expectations had been for a build of 3.2M barrels

Maybe this is a start of a new trend? Will be watching upcoming reports