Is the Oil Trade Done?
Checking in on the oil trade … Luke Lango’s latest forecast for the crypto market … a “coast to coast” housing correction is coming … a risky setup in public pensions Oil investors have gotten nailed in recent weeks. As you can see below, after having topped $120 a barrel in early June, West Texas Intermediate crude plunged to below $105 a barrel a few days ago (though it’s been rallying since). Is the oil trade done? Well, let’s make a distinction between “oil” and “the oil trade.” In other words, there’s a difference between trying to play the spot price of oil itself and investing in energy companies that do well when oil prices are elevated. As to the spot price of oil, news this morning suggests a new tailwind for higher prices – Saudi Arabia and the UAE are redlining output. From Reuters : Two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President Emmanuel Macron on Monday said he had been told by the UAE’s president.
Is the Oil Trade Done?
Checking in on the oil trade … Luke Lango’s latest forecast for the crypto market … a “coast to coast” housing correction is coming … a risky setup in public pensions Oil investors have gotten nailed in recent weeks. As you can see below, after having topped $120 a barrel in early June, West Texas Intermediate crude plunged to below $105 a barrel a few days ago (though it’s been rallying since). Is the oil trade done? Well, let’s make a distinction between “oil” and “the oil trade.” In other words, there’s a difference between trying to play the spot price of oil itself and investing in energy companies that do well when oil prices are elevated. As to the spot price of oil, news this morning suggests a new tailwind for higher prices – Saudi Arabia and the UAE are redlining output. From Reuters : Two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President Emmanuel Macron on Monday said he had been told by the UAE’s president.