RE:RE:WTI: Where are we going?Good observation. If you look at the data, there is no oil glut.
The market is in fact nicely balanced with ever increasing demand, and presently with a marginal amount of increased supply, less than 1%.
We have super magnified price swings, due to spec positioning and market sentiment, and current narrative being pushed. Spec positioning is key, and oil is an extremely manipulated commodity.
Now you are totally right to say that, and knowing this pattern, and cycle, it will come around again.
THEY don't make money when the price is stagnant. They need to create volatility and movement. Embrace it and play along.
I don't know when, but I suspect the push to the bottom is near done, and one should be ready for the ride up once more.
Gasoline is now as cheap as it was 2 years ago when everyone was staying at home and washing their hands. That can't last long.
liljohnnyjoke wrote: That area of the early summer red circle at WTI $68 was where "they" were bearish on oil price due to oil glut, if you drew a red circle around the WTI +$90 double peak in September it would show where "they" were extremly bullish on oil price, pounding the table to buy, because the world was in a dire oil shortage situation, now 2 months later back at $68 due to oil glut. Amazing how much oil was found and brought online in the last couple of months.