This Isn't the Time to Be Short Oil Prices
If you're looking for a trade on oil prices, you have two choices. Being short oil isn't one of them, however. Matt Smith, energy analyst at Summit Energy, which advises institutions on energy prices, said it sounds like Saudi Arabia is making a concerted effort to calm the market of any supply fears. "Saudi Arabia definitely has the ability to unwind some of the worry premium priced into markets through proactive measures (as we have seen today), but likely not the power to take us back the levels seen in December in the mid-$90s," Smith said, noting that Saudi Arabia is already producing at a 31-year high.