SUNDAY UPDATE: THE G20 HELPS OIL BULLS

“Uh huh, sure!”

Trump & Xi are in love again … that’s bullish for oil, but OPEC needs to weigh in

with Vlad on production cuts, to see which way this stuff goes down the highway

… I’m wondering what lies above $60, and I think we might be on the way of

finding out tonight.

Directly below, the 20 Day Range MA for oil.

click on chart to enlarge

I’t s a shortened week, but it has the potential to be really interesting. Until

tomorrow mi amigos … Onward & Upward!!

Have a great rest of your weekend everybody!

-vegas

SUDDENLY, PUTIN BECOMES IMPORTANT AGAIN FOR OIL

“OPEC & Putin will be on the same page!”

Another dull, listless day in oil … see my shocked face … it won’t be this way

come next week, cuz this weekend we get to be disappointed with the Trump / Xi

meeting at the G20 [no matter what they say], and OPEC + Vlad get together and

hash out their production manipulations … you know, the ones they say they

meet but don’t.

Range today in oil well below $1 [so far], as we limp to the close simply drifting

… I know it sucks, but markets get like this around important events, and the

G20 + OPEC can’t get any more important for oil, as one tackles supply, and the

other tackles demand. It’s as simple as that. Blog update Sunday … until then mi

amigos … Onward & Upward!!

Have a great weekend everybody!

-vegas

LET’S FACE IT … OIL IS DULL NOW!

“Or oil sometimes!”

Well, what can I say? … nothing different from yesterday, except a few OPEC oil

sheiks going “blah blah, yada yada” about oil production quotas and what OPEC

may do when they meet soon … so tell me something I don’t know already?

Given recent volatility, today’s range very sub par, and the 60 threshold is holding

price down … given the worldwide collapse in global growth, that should come as

no surprise … it’s gonna take more than a few oil inventory draw downs to get

price higher from here.

This weekend sees the Trump/Xi lovefest at the G20 … that should produce

nothing but disappointment, so that won’t help oil at all … even if it’s bullshit, oil

needs the story of global growth to carry the bull water forward, otherwise oil has

nowhere to go but down from here … cuz quite frankly, I don’t see any of these

OPEC sheiks willing to bite the bullet and cut production, while the Saudi’s pump

away … but, until we know, it’s the same old same old of “hurry up & wait” … that

assumes of course that the U.S. & Iran don’t go to war, where that clears the table

for sharp supply disruptions in the short term.

Until tomorrow mi amigos … Onward & Upward!

Have a great day everybody!

-vegas

OIL BACK IN THE BULL PHASE?

“Oil inventories suddenly giving oil a not so quiet boost!”

An unexpected draw down in oil inventories today, sees oil rally almost to $60

… now all oil needs is a China trade deal [cough, bullshit, cough] and its “to the

moon Alice”! … until something comes up, like OPEC, which could derail the

new found bullishness. 

As I’ve said recently, until these major unknowns get cleared up, among them,

1) OPEC production cuts [maybe, maybe not], 2) China trade deal, even though

it’s a scam to begin with, and 3) global growth that is free falling and can it

stabilize?, and 4) is there gonna be a war with Iran? So, looks to me like chop

city, and I’d be surprised to see oil go much higher from here, unless hostilities

break out in the middle east. 

Until tomorrow mi amigos … Onward & Upward!

Have a great day everybody!

-vegas

OIL TAKES THE DAY OFF

“Oil says leave me alone, I’m busy!”

Well, not much to say about a 9 hour session that has moved about 60 cents

… caught between OPEC production cuts & slumping world oil demand, price

can’t make up its mind where to go … so it goes nowhere. Throw in Trump / Xi

this weekend at the G20, and it’s about as confusing as it gets.

If you’re looking for guidance, come back next week, cuz oil looks to be like the

dog … leave me alone, we’re on vacation. And that pretty much sums up oil

today!

Until tomorrow mi amigos … Onward & Upward!

Have a great day everybody!

-vegas

OIL GRINDS HIGHER, THEN GETS SMACKED

“I think there’s some blood already!”

Asia & Europe grind oil higher all night long … New York shows up, and it’s

smackdown city … typical really, and don’t forget this is OPEC week, where

anything and everything can happen when one of the despots opens their

mouth and tries to act nonchalant about the oil price … “yea sure, whatever”.

Not sure if there are any real shorts left from lower levels … trading looks

totally technical in nature, and the 50, 100, & 200 hour MA’s look to control

action. Other than that, it’s hurry up and wait for the OPEC weekend.

Until tomorrow mi amigos … Onward & Upward!

Have a great day everybody!

-vegas

CAN OIL KEEP IT GOING??

“Kind of sums up oil right now, long or short!”

Talk about dependent on news flow … let’s see, war with Iran, OPEC meeting, or

imploding world economies? … and I’m pretty sure oil stays quiet until one theme

or another takes hold, and then BOOM!, off we go!

Directly below, oil’s 20 Day Range MA.

click on chart to enlarge

We’re still up there above $2 a barrel, but it all depends when news breaks … and

lately, it’s everything but U.S. session hours. Still, you have to have something to

trade it on, and right now, there isn’t ANY brokerage house that has a fair and

honest crude oil CFD, that allows U.S. citizens to have an account … NONE

… cuz 5 - 8+ cent bid/offer spreads will only decimate your account … you’d be

better off putting money in a slot machine in Las Vegas.

To say I’m less than thrilled with Coinexx, would be an understatement … I feel like

they have played the “bait & switch” game with their clients, cuz now their oil

market CFD’s are as bad as everyone else out there … they haven’t been at a 2 - 3

cent spread in weeks … and while I’m at it, they’ve completely ruined the H33HKD

market as well … at the moment I don’t have a very good opinion of them, and

while I have sent them emails and asked for phone calls from management to

address these two markets, two times last week they have stood me up … what

does that say about them?

Onto the week … until tomorrow mi amigos … Onward & Upward!

Have a great rest of your weekend everybody!

-vegas

OIL TAKES IRAN SERIOUSLY

“This message sponsored by the oil market!”

It’s been a very tough week figuring out the oil market … now back up in the $57

area, I guess war with Iran beats evaporating world oil demand … just like with

gold, overnight trading conditions & volatility continue to wreak havoc on New

York markets, leaving them with nothing but cleanup duties … oil no different. The

oil algo working very well overnight, but a slopfest come New York.

I’m about ready to write off Coinexx as a reliable oil broker … it’s been way too

long for bid/offer spreads in coming back to 2 - 3 cents … now the norm is 5 - 8

cents, which is pure bullshit … anybody that trades with those kind of spreads is

an idiot … quite frankly, I think it’s a case of “bait & switch”, where they get you to

trade it first, and then jack the costs hoping you’re too stupid to notice

… whatever, the entire week saw oil spreads that are simply unacceptable, and I

give zero fucks what excuses they give.

Sunday sees a blog update … until then mi amigos … Onward & Upward!!

Have a great weekend everybody!

-vegas

THE OIL BULL WAKES UP

“Psst! … oil shorts, are you awake yet!?”

Well, this really did escalate quickly to the upside, didn’t it? … Not sure how

much of this Iran stuff is bullshit & bluster to get oil higher, and how much is

real … one thing for sure, though, it scared the shit out of positioned oil shorts,

who hit the exit gates in droves … all in all, a nice $3 rally, something that’s

been lacking recently.

A nice move from the oil algo as well on the M5 … slow & steady up and then

BOOM!, the spikes … retrace some, and then do it again … without further

tensions brewing, though, it’s tough to see further gains without missiles in the

air … remember, the world economy is going tapioca, and along with it oil

demand is weakening rather quickly.

Onto tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

OIL SEES INVENTORY DRAW DOWN

“The oil panic selling, that is!”

Oil inventories gave a needed boost today for price, with a reported draw down

… the FED was pretty much a non affair as far as oil is concerned, and here near

the close, another subpar day’s range right around $1 … look for more of this as

we limp into the OPEC+ meeting, where it now looks like July 10 -12, instead of

next week … got to get all the dictators & thugs in line first.

Still no relief from Coinexx, who continues to abandon its 2 - 3 cent spread in oil,

as we continue to see 4, 5, or 6+ cents almost constantly … very disappointing

they can’t maintain an honest market.

Onto tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas