KISS Engulfing pattern detected. DOW at record high. OIL glut around the globe.
Rystad Energy’s balances show that should OPEC+ fail to amend its existing deal and increases its production, the world in January will face its biggest monthly glut since April 2020 with an average daily surplus of 3.1 million barrels for the month. Smaller surpluses are bound to continue through May, building a total glut that will exceed 200 million barrels for the first five months of 2021, before finally starting to shrink from June.
source: oilprice.com/Energy/Energy-General/Oil-Markets-Face-A-200-Million-Barrel-Glut-In-2021.html
Rystad Energy’s balances show that should OPEC+ fail to amend its existing deal and increases its production, the world in January will face its biggest monthly glut since April 2020 with an average daily surplus of 3.1 million barrels for the month. Smaller surpluses are bound to continue through May, building a total glut that will exceed 200 million barrels for the first five months of 2021, before finally starting to shrink from June.
source: oilprice.com/Energy/Energy-General/Oil-Markets-Face-A-200-Million-Barrel-Glut-In-2021.html
Comment:
Nice little rally after some consolidation look for another engulfing pattern to confirm the trend to the downside.
Mass Deflation to all assets while the money printer continues to extort and black-holes assets from the immense amount of debt loaded onto the system it's broken and there is no fixing it. #TheGreatReset