Post by
smallcaptdr on Mar 29, 2023 3:21pm
Oil has left its confidence at the door....
Right from the start this morning I had that feeling that Risk-Appetite was full even though Oil prices were higher, that's why I posted my concerns earlier than the sell-off if it helped. Oil has had a great run from $64 to $74+ so it was just a matter of time before a limit was met. What sticks out the most today is that Oil is trading under yesterday's closing price before the market found out that a draw of -6Mil barrels were exposed so this draw had no real effect on the day's prices plus this just shows that the US being tight and with SPR around the corner this reading has been shrugged off and is no representation of global tightness yet. My question was answered Oil isn't hitting $75 today. Going forward the market will be looking for reasons on whether Oil should be lower or higher and right now the market still has a bad taste in its mouth about every aspect of the financial system's health more than that is the health of the US. We'll learn in the coming days if this sell-off is due to concerns or profit-taking as Risk-Appetite calms. Tread lightly....
Comment by
barneyj44 on Mar 29, 2023 3:30pm
Just when i thought you had a good post yesterday your back to being wishy washy. Pick one....