A big "butterfly" was detected in the January oil contract, which is a directional strategy with a target of $90, also known as the previous local maximum. It's important to note that this strategy appeared after a 4.7% decrease and when the 90 price was significantly lower and oversold for our mysterious participant, let's call him "X". *********To summarize,...
“We are not addicted to oil, but our cars are”, said a former CIA Chief, James Woolsey. That addiction is on the decline as we pen this paper. Love it, or hate it, but you cannot ignore it. Crude oil powers the planet. When global economy stutters, oil prices plunge. Midway through 2023, crude oil demand appears wobbly on recession overhang and shaky economic...
Back in the 70s, oil prices spiked shockingly from $2.90 to $11.65 a barrel; gasoline soared 6-times from 20 cents to 120 cents a gallon in a matter of days. Fuel shortages forced factories to shut, airlines to cancel flights and stations crying "Sorry, No Gas Today". Fistfights ensued, including occasional gunfire. President Nixon called for America to end its...