Can you see the OIL inventory build up on this chart ?
CAD and AUD are commodity currencies. I also threw in Copper just to track price of commodities. Gold would have skewed it as it's inverse to volatility. If you know a reliable index for Steel or Iron, then please feel free to let me know, I will love to add that.
As we can see, the price of OIL was somehow artificially kept high even when real demand was not there (as reflected by dropping commodity currencies). If there was a genuine demand then balance of payments would have pushed these currencies up.
My guess is that till we see this excess inventory dry up, we are not going to see a true rise in OIL. Any ideas on how to track inventory depletion ? I somehow don't fully trust numbers from US Govt. or IEA.
As we can see, the price of OIL was somehow artificially kept high even when real demand was not there (as reflected by dropping commodity currencies). If there was a genuine demand then balance of payments would have pushed these currencies up.
My guess is that till we see this excess inventory dry up, we are not going to see a true rise in OIL. Any ideas on how to track inventory depletion ? I somehow don't fully trust numbers from US Govt. or IEA.
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