As U.S Crude Inventories Rise Oil has been surging this week but Goldman Sachs is calling for gains to be short-lived. The front-month West Texas Intermediate futures contract enjoyed a double-digit advance in recent days, breaking above $50 per barrel on Thursday for the first time since July: Bloomberg “While this rally has occurred alongside a broader re-risking across assets after last week’s U.S. non-farm payrolls release, the oil move has been larger, exacerbated by still large short positioning and the break of key technical levels,” wrote Jeffrey Currie, head of commodities research at Goldman Sachs. Currie writes that we’ve seen this play before, pointing to the parabolic surge in oil prices in late August that occurred following the massive equity market selloff. The problem, according to Goldman, is that the fundamentals have not changed: In spite of the start of […]