Never buy oil on Middle East worries, particularly if it's already movedTrump posting about lower oil prices ahead of time looks awfully suspicious, similar to his Liberation Day call on tariffs and the crypto shenanigans early in his term. The next time he says buy/sell, don't fight it.
Finally, when guys without shirts like this are weighing in on oil, it means that the panic is already in the market and it's time to get out.
"I can easily see crude dropping right back to $64 and oil companies are likely hedging aggressively today," I wrote when crude was at $71.
It certainly got there in a hurry as today's low as $64.00 and now we're trading at $64.90.
Now that was a $14 move in just over 36 hours so it's time for a bit of digestion. I picked the $64 level because it's clear on the chart where the Iran worries really started.
If the bulls can cling to one thing it's that the curve isn't in bad shape with some decent backwardation. At this point though, it's all flows.
This article was written by Adam Button at www.forexlive.com. Read More Details
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