Citigroup Says To Short Oil After Summer Is Over

Citigroup is advising traders to short oil and oil products after the summer is over, after which the current oil price rally will be over. A hurricane—and only a hurricane—is the one thing that could change the fatter supply outlook for the post-summer months. Citigroup’s commodity research team warned traders that global oil demand typically peaks in August—but it went a step further, casting doubt on recent forecasts of tighter global crude oil supply from agencies including the Energy Information Administration (EIA),…