Recent oil market bearishness has limits

There has been little bearishness in the physical fundamentals of oil markets of late, but certainly not enough to warrant the drop of more than $4/bbl in the latter weeks of May.What has changed is the psychology of the oil markets. The question then becomes: How bearish will the market psychology get this summer before physical fundamentals overtake it again?The answer seems to lie in the size of what one thinks the "anxiety premium" was in the runup to nearly $30/bbl (New York Mercantile Exchange crude futures for next-month delivery).Stock build, profit-takingA large and unexpected stock build in US crude oil imports and a spurt in US imports of refined products underscored the beari...

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