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Oil tanks...again - the 'cat and mouse' crude market explained

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February 19, 2015 comm, commodities, commodities markets, commodities supply, commodity, commodity index, commodity investing, commodity investments, commodity market, commodity markets, commodity outlook, commodity prices, commodity strategy, commodity trade, commodity trading, commoditymarket, oi, oikl, oil, oil 100 price, oil 80 a barrel, oil and gas, oil and gas engineer, oil and gold, oil asia, oil barrier, oil bounce, oil cargo, oil commodities, oil companies, oil company, oil consumer, oil crash, oil crisis, oil currency, oil declines, oil demand, oil down, oil drop, oil egypt, oil equity, oil exploration, oil futures, oil gains, oil gold corn, oil grilling, oil growth, oil hits 80 dollars, oil industry, oil inventories, oil iran, oil levels, oil libya, oil market, oil market', oil market', oil markets, oil news, oil opec production, oil outlook, oil pressure, oil price, oil price targets, oil prices, oil prices 2015, oil prices historic, oil producers, oil production, oil range, oil refinery, oil sector, oil selloff, oil services sector, oil shutdown, oil spread, oil stockpiles, oil stocks, oil supplies, oil supplies threatened, oil supply, oil tankers, oil trading, oil trading', oil trading', oil up, oil us shutdown, oil wealth, oilsupply, ole hansen, saxo tv, tradingfloor.com
The price of WTI has fallen by around 10% this week in a market that looks set to continue playing a cat and mouse game according to Saxo Bank's Head of Commodity Strategy Ole Hansen.

Inventory data has been applying weekly downward pressure while the end of week falling rig count tends to lift the price.    

A shock report from the American Petroleum Institute for the week ending February the 13th showed a massive 14.3 million barrels added to supply, way above the the expected 3.1 million barrels.     

"The market is really under pressure again and if we see it head back below USD 50 per barrel, then the next key level down is USD 48.90 per barrel," says Ole who brings us up to date with the latest trading conditions.