Trader: “The Bigger Picture On Oil Is Far More Negative”

Read more on this subject: Oil
News Story Source: http://www.zerohedge.com
With oil prices spiking nearly 10% from last Friday's sudden, capitulation "flash crash" which was perhaps driven by Pierre Andurand liquidating his entire long book, there has been a scramble by analysts to "fit" the narrative to the price action and the sudden change in momentum, most notably by Goldman, which continues to pump one after another bullish crude note, we suppose because Goldman's prop trading desk still has some oil left to sell to clients. However, is the recent bounce an indication of a sustainable direction shift, facilitated by a another even more acute round of OPEC jawboning even as shale production continues to grow, or just a dead cat bounce?

According to Bloomberg FX commentator Mark Cudmore, the answer is the latter as he explains in his latest overnight "macro view" note.

Traders' New Love for Oil Isn't Basis for Marriage: Macro View

What a difference a week makes. Oil prices are more than 9% abo
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