OIL FINDS A HEARTBEAT

“Pols & Apparatchiks ruin markets everywhere!”

Well, oil gets “monkey hammered” today, thanks to a Trump tweet RE Iran & Rand

Paul … if it’s not POLS & Apparatchiks moving their lips, it’s oil inventories

… outside of that, oil could care less … and today sees some panic selling down to

the $56 handle, as peace breaks out with Iran.

Quite frankly, the violence in oil is getting out of hand … where we go from here

depends on who says what next … and when it happens again, who knows if

up/down can stay the course … all I know for sure, is that stops are getting run in

this complex like the Kentucky Derby … get caught on the wrong side of this shit

on one of these massive news spikes, and you’ll wish you were at the dentist.

And from here, I haven’t a clue, except to say worldwide inventories are building

while global demand is slowing … and for the foreseeable future, I don’t see how

oil rallies much above the $60 level unless the dynamic changes dramatically, cuz

the news out everywhere doesn’t support it.

Onto tomorrow … until then mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

HELLO 911? … CARDIAC ARREST IN OIL

“So says oil to everyone who trades it!”

And so here we are, back in the upper 50’s, bouncing around and taking stops to

the cleaners … one day it’s buy stops, and the next it’s sell stops … the fun never

ends, although your account keeps going lower looking for a trend where there

isn’t one … so what else is new here?

A little bit bigger range today, but I get the feeling the bulls are losing hope … not

being able to get over the $60 hump with any conviction, thoughts turn to selling

… outside of the U.S., the economic numbers are simply atrocious, and if you’re

betting the thugs & dictators that run OPEC will stick to production cuts, I got

beachfront property in Kansas to show you.

Onto tomorrow … until then mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

OIL LOOKS TO BE DEAD

“Well. it just kinda happened!”

And really, without anybody even noticing, oil has started to trade like corn

spreads … sure, it’s Summer, but we’ve had OPEC [who cares?], a hurricane

[yawn], and much slower global demand for oil [tell me something new!] … at the

end of the day, it’s tough to see what drives this stuff forward in the coming

weeks, other than “chop city” & stop hunts from those with the bucks.

Today’s range respectable enough, around a buck thirty, but the trading action is

becoming more disjointed, and there lacks trade conviction from one side or the

other that makes oil a great market when it moves … when it chops? … err, not

so much.

Outta here early for a doctor’s appointment … until tomorrow mi amigos

… Onward & Upward!!

Have a great day everybody!

-vegas

SUNDAY UPDATE: BARRY SUPPORTS OIL

“Sure, I control the vertical, and I control the horizontal!”

Yup, all that support for oil cuz of the hurricane, appropriately named “Barry”, is

what ya get down if the Gulf for pissing me off … not sure yet what it is that you

did, but give me some time and I’ll think of something … in any event, some

dislocations of WTI crude oil production … this will pass soon enough.

Now, the question is what to make of Vlad & OPEC with extended production

cuts, AND how much more does world economic growth go down the shitter,

affecting world oil demand? … we’ll see, but it looks to me like oil hasn’t got a

whole lot of room on the upside unless the dictators & thugs produce some real

cuts … that whole “demand thing” is turning worse every day.

Directly below, the 20 Day Range MA for WTI Crude Oil.

click on chart to enlarge

Unless we start getting some new, fresh news, oil appears stuck for now … we’ll

see what the week brings … Until tomorrow mi amigos … Onward & Upward!!

Have a great rest of your weekend everybody!

-vegas

CAN OIL BE ANY MORE DEAD THAN TODAY?

“You want me to grow up and trade this shit!?”

UGH! … well that sums up today’s oil market … OPEC this weekend, and more

than likely fireworks of some kind next week … today was painful to look at

… blog update on Sunday … Until then mi amigos … Onward & Upward!!

Have a great weekend everybody!

-vegas

HOPE FOR GROWTH & OPEC CUTS

“Who’s worried with oil over $60!?”

Quite frankly, I don’t know where the optimism for world growth to spur oil

demand is coming from, nor the thugs & dictators to keep their word on

production cuts … but here we are over $60 in WTI crude oil … that’s the good

news.

The bad news, is that the market can’t do anything with price now that it’s over

$60 … today’s range pathetic by recent VIX numbers … we’ll see what the

weekend brings with OPEC, but I wouldn’t be optimistic.

Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

OIL INVENTORIES & SPICOLI SAVE OIL

“Sometimes, everything is patently obvious isn’t it!?”

Round up the usual suspects for a move in oil today … oil inventories [2 of ‘em],

and Spicoli over at the FED … and Bingo, Bango, BOOM!, oil spurts pre OPEC

meeting this upcoming weekend. Quite frankly, oil inventories is like playing

roulette in Las Vegas … feast or famine, usually famine, but there are Tuesday

late afternoons and Wednesday mornings that zing the market.

Still, though, unless OPEC can seal the deal with production cuts that are real, the

$60 level is gonna be hard to crack with conviction … the world economies aren’t

getting any better, so it’s tough to see where oil demand goes higher in the short

run without corresponding economic numbers that show any growth … so far, we

haven’t seen any.

Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas