A couple weeks ago, Richard mentioned here that crude was probably going to go into the mid 60's and I scoffed. You called it Richard. Hopefully you made some money.
What does OPEC do here. The mere thought from traders that OPEC might increase supplies has crude tanking. What happens if they actually do? I am in the camp that Saudi want's $100 oil. Russia might have other plans. My opinion is that they are in a corner and OPEC will never have control over the oil market like they used to.
https://www.kallanishenergy.com/2018/06/01/u-s-crude-drops-2-2-in-may-breaks-2-month-winning-streak/
On the crude oil chart, one can see wave shaped patterns that stretch about 7-8 weeks, from bottom to bottom. The last one was 4/6
I Post tomorrow. I want to review COT and charts for closing numbers.
Crude is going to get crushed. I did not do as well as I should have.
Got out of my dec2020 and spot has dropped $1.50 since but dec2020 has gone up
from where I got out. I wanted to get short spot crude but stopped out twice, more tomorrow.
Oil looks like it is about to collapse. We could be in a wave 2 of a larger wave 3. While the main wave 3 is headed to $325, this smaller wave 2 is about to correct the entire move from $26 to $72. A 50% pull back goes all the way back to $49.44. At that point people will say the entire move to $72 was BS,. just like they said the entire move to $148 was BS. At that point we will have a wave 3 of 3 that should go all the way to $200. Wave 1 took, 2 years 4 months, so wave 3 of 3 should take at least that long. Interesting that based on this time frame and the fact that the clock does not start until this decline is over, that puts the top of wave 3 of 3 early 2021, Immediately following the 2020 presidential elections.
I got stopped out twice this week on a short position in oil that would have made some nice money since we closed on the lows of the week. The only position I have is a(Long) July 65 put and (Short) August 69 calls. I was long gold but got out and will look to get back in at some point.
one last comment. when all the talking heads on tv were talking about $80 crude, they were talking Brent which DID hit $80 on this latest move.