Oil commentary - 27 July 2016

Morning. Brent closed last night at $44.87 down 0.15 and WTi closed at $42.91 down 0.21. Here's a question - What, fundamentally, has changed since Jan 2016 when we saw crude at $27.50 per bbl? Exactly, not much. Is oil production decreasing? Nope. Are rigs in the US decreasing? Nope. Is there more demand in the market for crude and hence products? Nope. So what is to stop us getting there again? These aren't rheotoircal questions, they are real questions that should be looked at and not answered by some geek sitting behind 12 screens with an algorithm trading straetgy saying "umm, becuase it won't". OK mate. In the meantime I'm holding my hat. Stats later, if there's a crude build run for the hills and buy those fishing rods because there will most certainly be a gasoline build. Good day