Goldman Warns Of "Tough Markdown" In Crude Should No Conflict Materialize

While the Brent price oscillated during January 13th - 20th, Goldman Sachs fuitures trading team note that Managed Money continued buying, mostly due to short covering. 

During January 13th - 20th, Brent Managed Money net purchased +$550m according to Commitment of Traders, extending the sizeable $5.6bn of demand from the prior week.

Short covering (+$1.2bn) was partially offset by liquidation (-$600mm).