“What it’s like to trade crude oil!”
Well, weekend events certainly have changed the oil dynamic, haven’t they?
… and while you couldn’t blame oil producers for wanting to hedge a 20%
windfall that came on Monday’s open, for the spec community I’d switch my
focus to positioning myself from the long side for a good long while … sure, the
Saudi’s today announced they’d be down for a couple of weeks rather than
months as expected, and WTI oil went “Thelma & Louise” for 8 minutes to the
tune of $3 per barrel to the downside, but now that that’s over with, I’d be very
careful about trying to sell rallies here … and here in the early PM, the Saudi’s
again pouring fuel on longs, as their oil minister announces full production of
oil is back NOW … ouch if you got caught in this.
It would be nice to have an oil CFD that worked, but apparently that’s too much to
ask for from the likes of the scumbag LP’s at Turnkey & Coinexx … 7 - 8 cents for
a bid/offer spread is a total rip off and they know it, and my guess is that it’s
gonna be awhile before we see anything reasonable, if ever.
The risk here, obviously, is for an escalation of the attacks on the Saudi’s oil
facilities, and that would only mean sharply higher price within seconds, and that
can happen anytime day or night. Play it from the long side mi amigos!!
Until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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