Oil outlook: Crude to hit WTI? Eyes on US driving seasonal effect
The state of the Crude market remains bearish, with oil prices not far from their lows, notes Malcolm Graham-Wood, Oil Analyst and founder of MalcysBlog.
Technically oil prices remain in a bear market. Oil supply concerns remain, and the expected Iranian oil is worrisome.
US refineries remain geared up to producing gasoline
Graham-Wood, says that US refineries are gearing up to produce gasoline. Labour day is end of the driving season and demand drops off, so in the middle of September refineries switch to more industrial products than gasoline, explains Wood.
How low can crude go?
Wood sees bearish potential for WTI crude, expecting oil prices to hit $45/barrel. He further says that this remains a crucial level. He adds that the competitive nature of US shale is now being questioned in the oil market.
Watch the video to know the fundamental and technical outlook for the following stocks – ZM, MGW, PANR, AMER.
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