- "It seems impossible that we can get a sustained rally in the price of oil," Jeff Gundlach tells Barron's. "Inventories are enormous. Demand is way below production.”
- An OPEC report today says Saudi Arabia and other major producers are still pumping crude at near record rates.
- An EIA report this week shows onshore U.S. oil production growing again after six months of declines.
- And Ed Yardeni notes oil failed to respond positively to heightened tension between Saudi Arabia and Iran. When asset prices don't rally in response to bullish news, it's augers for a continued bear market.
- WTI crude is currently at its low for the new year, off 2.4% on today's session at $35.88 per barrel.
- ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM