WTI crude fell $8 yesterday, apparently on hopes that increased congressional oversight post-midterms will curb the Administration’s pursuit of the conflict with Iran, and here is one area where vain hope or misapprehension may provide an opportunity for the agile trader.
WTI crude fell $8 yesterday, apparently on hopes that increased congressional oversight post-midterms will curb the Administration’s pursuit of the conflict with Iran, and here is one area where vain hope or misapprehension may provide an opportunity for the agile trader. Fact is, the US is actively engaged with a hostile adversary who isn’t going to let us disengage without extracting a significant price. The world hasn’t changed overnight, so the downdrafts in COP, EOG, and OXY seem significantly overdone. Even XOM is coming back towards a tradeable price range (though, at $171, still just out of range for our usual target area). If past is prologue, we won’t have to wait long for the Administration to put fear back into the oil market. Keep an eye on our trading board as setups develop in real time.
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