RE:Move......Counter moveRight. It is manipulated by many things.
Don't fight it. Trade with it. I have a bullish bias, but I do trade the things that move the market, like inventories, and sudden speculative news of an Iran deal.
With today's Iran news, it came fast but profitable. On the drop, I couldn't hit the sell buttons fast enough, then bought back at the turn near the bottom. Big news agencies didn't carry the story, this is old news, the principals were not even in the US, it has to be approved by both leaders, and Iran is already exporting 1m bpd on the dark fleet.
Long again for the rebound. A very good day today.
mrmomo wrote: Interesting development. With the US Gov't coming to an agreement or understanding with Iran on the nuclear enrichment front. It FULLY explains WHY Saudia Arbia elected to reduce their own production by a further 1M bbls reduction in July. Which btw, is the exact amount which is "expected" to online for Iran in this :"NEW" arrangement with the US Gov't. Seems to me that the US gov't will do absolutely ANYTHING to prevent higher energy prices, spefically oil & bankrupt Russian in the process. Even making a dubious deal with the Devil, as someone such as Iran which they consider as bad actor, if not worse than the Russians. To what extent is the US Gov't willing to go the crush Russia for good? is the possibility of the use of tactical nukes or boots on the ground in Ukraine next up on the list?
As i've been telling you folks for some time now, energy pricing has nothing to do with consumption, supply & demand. And everything to do with the massive manipulation on the futures market along with ANY other methods available to these parties, even doing a Deal with the DEvil himself. So you can just chuck those EIA figures in the garbage bin, as thye're as useful as a pile of rocks. The numners are so fudged now, it's not even funny. And it's been that way for some time.
GLTA