• WTI moved higher on the week by about $1.50 through Thursday as aggressive short covering tied to a bullish IEA report and an informal gathering of OPEC members in September outweighed yet another extremely weak round of DOE stats and accelerating output gains from Iran, Iraq and Saudi Arabia. $43 oil looks to be fairly valued to us at the moment and we continue to wait for the market’s longer term bearish momentum to create buying opportunities below $40.

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