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Thursday, June 27, 2019

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


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