Opco On Oil Prices: “Shock, denial, Panic, Capitulation”

Oil prices may be up 2.28% today to $46.18, but bearish factors remain.  Oil is currently down -13.50% year to date and down -51.90% in the past year, marking the worst performing commodity during those time periods. The supply and demand glut continues to ravage prices, as oil producers largely stay on target and continue to produce oil.  That being said, oil has found some unstable support lately after Saudi Arabian King Abdullah died on January 23rd. While it is likely that the new leadership will continue with the current oil stance, traders and oil producers remain on their toes…