RE:RE:Hedge Funds are shorting energy stockspooltec wrote: hmmmmm hold or sell?
hard to say, my thought is if oil weighting is still so low for traders and WTI still around $90, any hiccups or international event traders might have to cover or jump in to ride the wave. Maybe that is the kicker needed to make WTI ~$100 or more as some are forecasting. I like traders holding big short position, as those shorts needed to be covered eventually. So far saudia is in good control of production supply. (as i said several months before opec is back in control because biden blew off his SPR for quickie pleasure, he kinda ran out of juice now).
https://www.msn.com/en-ca/money/topstories/brent-crude-prices-may-hit-120-per-barrel-warns-jpmorgan/ar-AA1h0TeK?ocid=msedgntp&cvid=696cbd2da68f49ba9e718145aad8b2f4&ei=2
Of course the boogeyman surprise is china economy because statistics on them are often opaque until SHTF. Heard china is starting to draw on their SPR, don't know how much. If china attack taiwan, or ukraine war escalate, i don't know what comes next as there are too many variables in the soup mix. Maybe time to test out chatgpt.
This is JMO, i don't track oil/gas/distillate or trading volumes because MC does it for us :) .