Supply story in oil getting worse. Now we have a huge short covering. Wall Street narrative is shifting to growth mode. Price broke 200MA activating systematic strategies. At this point oil is looking to run - and we are still waiting on Saudi's cuts. US oil rig count 👇
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@MenthorQpro
Supply shock incoming
Still accumulating some oil positions.
We have successfully drained our SPR at a time where OPEC is making voluntary cuts.
OPEC knows we need to refill, so what do they do? They shock the market with some drastic cuts.
Oil will be back to triple digits later this year.
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@MenthorQpro
Thanks for this. Honestly there are many contradictory narratives from alot of very smart people going on right now.
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@MenthorQpro
Not a leading indicator. Rises and falls with the price of the product. That’s your leader
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@MenthorQpro
Lol this amazing US has been caught flat footed there is no more SPR left to keep the prices down artificially. Saudis are playing this well.
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@MenthorQpro
@frankoz95967943
Electric power is not dependable. Every year storms, fires and crashes result in the loss of electricity for millions of people for weeks at a time. The more other forms of energy are suppressed the lower the quality of our lives.
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@MenthorQpro
Coincidentally enough, I had a couple
#ENERGY
traders ask me about rig count recently. I guess maybe Baker Hughes data is on a lot of minds lately for some reason…
Many good questions lately on strategic use of data in various ways when building models/processes. The latest being what do I think about weekly
#BAKERHUGHES
rig count as a leading indicator for big picture/wider periodicity
#CRUDE
demand/prices. Here’s your answer… $CL
#WTI
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