The Oil Price Rally Is Gaining Serious Momentum

The oil markets were slow to react to obviously bullish catalysts such as supply cuts, falling inventories and growing demand when they first kicked in about three months ago. Indeed, it appeared that the bears were about to overrun the markets, with bearish positioning in the oil futures markets recently sinking to the extremes they last did during the 2009 financial crisis.  However, just as Saudi Energy Minister Abdulaziz bin Salman had warned speculators of an impending short squeeze, the oil markets have turned around and the…