Oil Rally Lacks Ongoing Conviction, Westpac's Smirk Says

The video discusses the recent trends in the oil market, highlighting the fifth consecutive week of gains for WTI and strength in Brent. It emphasizes the lack of sustained conviction in the rally, driven by small events and unresolved global trade issues. The potential impact of US shale production on market dynamics is explored, with caution advised due to increasing active rigs and production levels. The video also examines the bullishness in net longs for WTI, suggesting a possible turning point in US supply that could rebalance the market. Global growth concerns and trade tensions are also considered.

Discuss the implications of the bullishness in net longs for WTI.

What global factors should be considered when analyzing the oil market?