Those lows of price just happened to be where the banks created a demand zone. Ever since the banks dropped price into that zone all we saw was buying start to take place.
They pushed price upwards and upwards with their buying as you can see in the #CFTC data in the following pic:
Now when price got to the highs what happened? We had the middle east conflict start up again and this time the media was there to put ideas regarding oil in traders/investors heads.
Traders immediately began to start buying oil since they thought the price of oil would skyrocket because of the conflict. In the meantime the banks started offloading their longs to them. Essentially taking profits on their longs that they rode from the $65's to the $92's.
WHERE ARE WE NOW?
The latest #CFTC data shows us that now the banks have started increasing their short exposure to oil. Our analysis has been uncovering strong evidence that suggests price will likely continue lower over the very long term.
To stay updated on this situation think about becoming a member with us!