RE:RE:Why is oil price shooting back up so quickly today?LOL.
I did, but not crude.
The paper market for oil is 30x bigger than the physical market.
Around US Thanksgiving, volumes are weak, positions are being unwound, and we have the bonus of OPEC meeting uncertainty.
Rumours and news moves it violently in a thin market, and so many positions short or long cause wild overreactions which swing so excessively, they put money in your wallets if you allow enough room in your positions to take advantage of these opportunities.
US is closed tomorrow, and Friday will be light.
Look at XLE today. Flat.
Canadian producers down 2-3% today?
It's a gift...
Another thing, all things considered on average, when the US is closed, Canadian oil equities tend to do well on their own, as retail has nothing to fear and steps in to buy dips and we drift up.
This will likely go on in tomorrow's and Friday's sessions, stay tuned...
Experienced wrote: liljohnny......Geez - you should know the answer that!!!
It's just Migraine doing a few buys.....