Oil Bulls Are Getting Pummeled as Long-Term Bears Get Paid

Takeaway: Oil bulls are getting pummeled while the long-term bears continue to get paid.

Double #Ouchy here - don’t look now but this morning’s drop towards the $40-handle for WTI puts it down -15% in the last month alone; was it the Dollar? Supply? Demand? A bird or a plane? With Durable Goods and Capex careening to the downside, the bullish narrative on “Global Cyclical Demand has bottomed” is very hard to follow. 

Oil Bulls Are Getting Pummeled as Long-Term Bears Get Paid - Oil cartoon 04.07.2016 

Editor's Note: The snippet above is from a note Hedgeye CEO Keith McCullough wrote for subscribers this morning. Click here to learn more.