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Oil Markets Jumped The Gun

Oil Markets Jumped The Gun

Perhaps the world is beginning to realize that "it's the demand, stupid" as crude oil prices are collapsing this morning (not helped by "all out production" news from Oman). While 'markets' rallied peculiarly after last week's epic surge in inventories and production data, that has all been given back as one trader noted "the market got ahead of itself, even though the rig count has been falling it is not until mid-year that we are going to see some impact on supply." WTI is back around $49. To complete the gloom, Copper is probing lower, breaking key support with projections to 222.50 if this move takes shape.

As Bloomberg reports,

Oman, the biggest Middle Eastern oil producer that’s not a member of OPEC, is boosting crude output to as much as possible with the global price rout over, Salim Al Aufi, undersecretary of the oil and gas ministry, said.

Oman will produce 980,000 barrels a day this year, Al Aufi said in an interview in Muscat on Sunday. That would be 4 percent higher than in 2013, according to BP Plc data. Oman will provide 2014 production figures in April, Al Aufi said. Related: Is Oil Returning To $100 Or Dropping To $10?

“It’s crucial that we continue executing the future projects,” Al Aufi said. “It’s crucial that we continue the seismic activities and the exploration activities because when the market turns around, we need to have these opportunities identified and ready to go.”

It appears the humans took over from the machines again...

WTI

And copper is breaking down...

CopperPrice1

Through key support levels...

CopperPrice2

h/t @TrueSinews

By Zerohedge

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