MASSIVE SHORT CRUDE OIL - as "smart money" players
U.S. benchmark, West Texas Intermediate, has fallen to the $15 range as global economies remain on lockdown due to the COVID-19 pandemic, crushing crude demand. Also global oil storage is reaching its limits. The situation is so dire, in fact, that the Department of Energy is even considering paying domestic oil producers to keep crude in the ground.
Even if the RRC follows through with their plan to interfere with the free markets, however, many experts suggest that as much as 20-30 million barrels per day in demand is being decimated by COVID-19 - a far cry from what global oil producers have cut so far.
I would recommend to take contrarian trade to the herd, who expect oil rebounce - SHORT SELL the hell out of it until the end of the April.
Even if the RRC follows through with their plan to interfere with the free markets, however, many experts suggest that as much as 20-30 million barrels per day in demand is being decimated by COVID-19 - a far cry from what global oil producers have cut so far.
I would recommend to take contrarian trade to the herd, who expect oil rebounce - SHORT SELL the hell out of it until the end of the April.
Trade closed: target reached:
F*cking great trade setup, target reached. Expecting poolback to 21-22 USD/barrel to short again.