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Bulls betting on a pop in oil prices outnumber bears five to one, but Cyrus Sanati believes the...

  • Tuesday, August 21, 2012, 6:55 PM ET
    Bulls betting on a pop in oil prices outnumber bears five to one, but Cyrus Sanati believes the bulls will get burned, pointing to more signs oil prices will retreat than rise. Money managers may be looking for an October surprise from Iran or Israel, "but it is more likely to come from a bull-crushing release of oil from strategic reserves than from a long-shot bombing raid by Israeli F-16s."
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    What is releasing reserves going to do? We'll draw it down while nothing is in the winds to replace it. Apparently the world is using oil even at a reduced rate creating the demand. The only reason to do it might be to offset a short term moratorium on using corn based ethanol or for Obama to help his campaign. In the meanwhile there is no real emergency out there at the moment.
    21 Aug 2012, 10:19 PM Reply Like
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