Filter by Categories
Watch Series
The Great Game
Daily Post
Steno Signals
Free sample
Emerging Markets
Video

Energy Cable: The rollercoaster in crude oil continues

Last week we were close to writing our obituary on our crude oil long position and this week we are almost back in green. The last few weeks in crude have surely been something!
2024-02-12

The crude market is rife with subtle tit-for-tat politics, and there’s little to indicate this dynamic will change. We delve into the current state of the oil market and share our thoughts on our current position at this stage below:

First we broke USD 80, then Al Jazeera reported a ceasefire between Israel and Palestine, which was retracted 15 min later. The market didn’t care and pounded the sell-bottom all the way back below 78 even with (on the paper) strong jobs and PMI prints out of the US coming out in the meantime. Now it seems like the market has woken up and smelled the coffee, let’s see how long it lasts this time. We remained in long crude and luckily didn’t get stopped out last week.   

Chart 1: You just have to moan enough for crude to get >80 again 

Last week we were close to writing our obituary on our crude oil long position and this week we are almost back in green. The last few weeks in crude have surely been something!

To read the full article, sign up for a 14-day FREE trial of the Premium plan.

0 Comments