Oil Sentiment Beginning to Sour

After a more than 60% rally from the early February low investors are beginning to turn skeptical on crude oil again:


Barclays Research highlighting the large turnaround in managed money positioning…



Macquarie Research takes the opportunity to make a Trump joke while highlighting the short term risks to oil prices…



For our part we have been sounding the cautionary alarm on crude for nearly two weeks. A correction to the ~$36 area seems quite healthy, however, we will have to see if there is any upside follow through after Thursday’s bullish ‘hammer’ candlestick:


WTI Crude Oil (Daily)