Additionally, supply could rise ahead as Iran is expected to pump 500,000 barrels per day of crude into global markets this year.
“The fundamental outlook for Energy remains weak as estimates are coming down sharply as E&P budgets are being slashed, and in the coming weeks these names will all be reporting earnings to give further insight for 2016. Data continues to suggest a worrisome outlook for crude oil prices as supply is rising after all of the US oil production the last few years coupled with OPEC not slowing production as it competes with Iran, as Oil is becoming a geopolitical instrument,” adds See It Market.
Energy Select Sector SPDR
