Post by
kegman on Aug 30, 2024 1:58pm
Trading band is narrowing
Lows are higher, highs are lower. No way OPEC signs off on increasing oil production at this juncture. Israel is not done yet too. West Bank is getting press now as the media cannot avoid it. This powder keg is not going away. The only geo political good that is coming from this is Iran is losing all credibility with it's militias. Paper tiger exposed. Does the Ayotollah react to this by doing something stupid? Does he really control Iran anymore? Oil will settle in around $77 and that will keep US happy and the Arabs semi happy. The only outlier in all this is Ukraine hitting Russia hard and disrupting their output significantly, If that happens oil surges and then OPec + can put back their ME output to make up for Russian shortages that are not supposed to be traded anyway. Funny, China is getting dirt cheap oil from Iran and Russia yet the Chairman has spent so much money on the military he has little left to stimulate his passive minions. Brics is a Kansas City shuffle as the Chinese market is built on match sticks too. That is the real reason for all the gold purchases. Lots of things pulling in all directions. Short term though, OIl is back to $77 mid week. Keep trading vs investing. GLTA and have a safe weekend.
Comment by
dandu1924 on Aug 30, 2024 8:02pm
All of those stuffs don't matter anymore, the only thing is WTI, THIS IS IT. jUST LOOK, this is pretty clear. All those stuff are the bla bla bla day traders, pennies flippers and shorters. The long are not talking like that.