Get ready to rally, you ungrateful knaves.
The oil men have done to heavy lifting and have set oil on an upward trajectory. The rest is up to us, the small people playing with stocks and bonds.
SPY Futures and WTI have, just about, a 1:1 correlation ratio. One does not go higher without the other.
As such Nasdaq futures are sharply higher, as WTI gaps higher off the IEA report.
Via Briefing
This morning, the International Energy Agency (IEA) released its monthly Oil Market Report (OMR), which stated that the global oil market is almost in balance
On top of yesterday’s weekly EIA inventory data, this catalyst is helping give oil prices a boost
The agency expects to see a notable reduction in global oil inventories in the second half of 2016, following a continued build in the first half, partially led by the increase seen in production and exports in Iran
On the demand side, the OMR for May revised global oil demand growth for Q1 of 2016 upwards to 1.4 mb/d, led by strong gains in India, China and, more surprisingly, Russia.
For the year as a whole, growth will be around 1.2 mb/d, with demand reaching 95.9 mb/d
We’re all slaves to the fucking oil derrick.
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