“Oil giveth, oil taketh away!”
Almost a $3 range in WTI oil today, and if you can’t bust $60, that only leaves one
other option … Bingo, Bango, Boom!, and somebody doesn’t like the news out of
OPEC, or what Vlad said. Right as the U.S. opened, it was “sell city” in spades!
That puts us back in the mid 50’s, and from here price is somewhat of a mess
… it’s gonna take time to repair today’s debacle, but without some kind of pick up
in global growth, it’s hard to see price over $60 … the economic numbers out of
China are worse than horrible, and that isn’t good news for oil bulls, and today’s
selloff looks to be some major liquidation of oil longs.
So, it’s everything I’ve written about before … production cuts & extensions
affecting supply, and weak global growth affecting demand … until either of these
changes in any significant way, it looks to be chop city. Until tomorrow mi amigos
… Onward & Upward!!
Have a great day everybody!
-vegas
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