Oil: Downside momentum remains firm - TDS
In view of analysts at TD Securities, growing fears of slowing global growth continue to haunt money managers' psyche after the energy market's dismal performance in 4Q18.
“We expect that OPEC's committed efforts to rebalance the market will ultimately tighten balances and should therefore not be taken lightly, with signs that Saudi has already significantly throttled its output. In this context, we still think that current prices reflect fear rather than fundamentals, and expect prices to rise this year. That being said, downside momentum remains firm, which suggests that CTAs will hold onto their shorts for now.”