RE:RE:ReRE:Can someone explain1nt2Trade wrote: What's driving the price of oil now is not inventories its anticipated future supply/demand. The last 2 weeks there were solid draws in all oil product inventories which caused the price of oil to spike short term only to be sold off in the next couple hours erasing the gains. Inventory levels are a real reflection of the immediate supply/demand. Large market makers with infinite money and all the best forecasts models, analysts, inside information etc. are who ultimately decides where oil goes. No matter what some people believe to be true the market makers show you what they believe based on their buys and sells.
OPEC disappointed in a cut extension less then what was priced in and that's what caused the biggest momentum change in the oil price. There were other future supply fundamental news items this week which ultimately made the market. So if you are hoping for inventory draws you should change that and hope for the perception of future supply/demand to change. Trade the tape don't try and fight it.
For the love of Bago please please please bagholders take heed. The EIA inventories mean nothing but a spike to sell/short into. Oil reversal to the long side needs a proven fundamental supply or demand change. I've tried to warn so many times on the BTE bb in order to avoid the manipulater, wall street is out ot get us, it's the algo traders etc garbage hold and hope posts. It's OK you can still post snipets of news about middle east tensions or venezuala supply problem or all the other things that the market is not responding to to convince you to hold and hope and get roasted by big money as you average down or go all in. So sad! You can lead a horse to water but you can't make them drink.