“Join the club Skippy!”
Confused? … how can you be confused when the market just follows stocks
up/down? [snark] … and so it goes, with alternating views by oil traders that
go back & forth from supply cuts [up] and weak global oil demand [down].
Oil inventories had very little effect today, after last night’s oil numbers set
the stage for a big build. One of the big problems traders face, is the disparate
figures for distillates, as gas and heating oil numbers don’t sync … and that
confusion doesn’t help the market at the moment.
Of course, China plays a key role in demand for crude, especially Brent, and
depending on what day it is, and how the markets view the scam china trade
deal, oil trades in accordance lock step most of the time. OPEC+ meeting in a
few weeks should shed some light on all of this, but until then we’re probably
locked into this 60.50 - 63.00 range we’ve seen like forever.
Other than that, it’s all noise from the oil trade, and traders are simply
playing the range.
Have a great day everybody!
-vegas
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