A Short History Of (Unsuccessfully) Calling A Bottom In Oil

If at first you don’t succeed, keep trying to call the bottom in oil prices.

As Bloomberg writes, catching a falling knife is hard, especially when it’s covered in oil. The International Energy Agency today said oil prices may have bottomed out. Several people have tried to call the oil’s floor since prices started falling in the summer of 2014. So far nobody has been right.

Of course it’s different this time, this really is the bottom. Except, with ETF shorts having collapsed to “norms” the buyers of last resort will have their work cut out maintaining the dream with no one left to squeeze…

Charts: Bloomberg