The general sentiment is shifting among traders, particularly with crude moving higher. The reports of rigs pulled out of the field, along with strikes in the US Shale oil sector, has amplified the speculation that perhaps, the supply is going to become constrained very soon.
But, if you think slightly outside the box, from a demand perspective, there isn’t any decent news out there at all. For instance, the US economic data is uninterruptedly on the downward side and this has jammed their GDP reading and even the ISM manufacturing data released yesterday was pretty terrible. Then we have China, the second biggest economy of the world, which is sparring with meager growth, so I do not see any sign of demand picking up any time soon and these speculations may be crushed very soon.
Nevertheless, there have been some positive development taking place between Greece and its creditors and any further good news could actually boost the growth in the Eurozone and thus improve the demand for commodities.