RE:RE:RE:RE:From RBC I predict anyone buying here will be happy in a week or two. Reports out this morning that the Israel army made incursions into Gaza to take out some Hamas outposts. Rationale is that it's part of the plan in anticipation of a full mobilization into Gaza.
Could also be an effort to prod Hamas to release more prisoners in advance of the US arriving with full military capability; to support and thwart other nations. When it becomes clear to Israel there are no more releases forthcoming and the US is fully on the scene, I expect Israel will enter and turn the Gaza to rubble and dust. Israelis that die will be martyred and memorialized similar as in the past.
Although there has been a lot of fanfare about US carrier groups moving to the region, it does take time for them to arrive. It's no different than old Maggie Thatcher jawboning about the presence of British submaries off the coast of the Falkland Islands to thwart arrival of more troops and arrival of equipment from Argentina. It was revealed after the war there were no submarines anywher near the Falklands at the time; and it was just a ploy while waiting for the British navy to actually arrive.
When this occurs, I think WTI will rebound back to around $90 as that seems to be the top before efforts are made to push it back down.
Moemoney42 wrote: Yes energy investing lately is certainly not for the faint of heart barney.
I'd venture that anyone buying near the lows today will be happy with their buys by the end of the year, but this manic market makes that buy hard to make sometimes.
At some point I think the US is going to get nervous about the low levels of the SPR and will have to buy at whatever price they can get.. that should/could help support the price as well, and with OPEC watching like a hawk, they'll hold the line too IMO.
Unfortunenately there's too much noise daily and these damn algos all trade on headlines without data logic, thus the wide swings.. don't like the high price of oil.. just make a headline that will trigger a sell and the bots start playing.. pretty simple manipulation actually when you think of it..! :-/