WTI Crude forecast pre-Trump's arduous O-seas adventures
Whatever the political BS from Trump's ardous travels away from his own bed, great, amazing TV soaps and pet cheese burger (never has a US president suffered as much for so long for his country!) - I'd suggest that both Saudi and USA are on the same page and that will not hold oil back. Also the OPEC meeting next week will still hold surprizes which cannot be priced in. Thirdly, crazy geopolitics always favor oil, and we're at that stage in our history unfortunately. I'd advise holding your main oil position long and only scalping the tops short for kicks and a little hedging potential.
After $60 the temptation for oil producers to hedge like rampant rabbits will make the next leg up more difficult. Collect profits along the way. Turn when the market turns. Look after your own.
After $60 the temptation for oil producers to hedge like rampant rabbits will make the next leg up more difficult. Collect profits along the way. Turn when the market turns. Look after your own.
However, in the (slightly) longer scheme of things a united approach between OPEC and Russia and 9 months more of controlled production is no bad thing. I'm reading the OPEC report as a slow bull.
The price stayed within the 48.3/48.2 region and bounced strongly. I suggest that $60 target is not far fetched. And $54 is ceratinly do-able within a two or three weeks.