Falcon + 222 SK May 17, 2019 (edited) Talked to some traders. They think price trades within the current range ( same range last few weeks). They did agree the sabotage that puts a floor under price. Credit Suisse oil analyst said there seems to be plenty of supply. He stated, nothing outrageous but plenty to meet demand. He seemed to diminish the "sabotage" reports stating there are many hotspots all over the world. OPEC calls a meeting this weekend in Jeddah to discuss "security". Gives them an excuse to make some press announcements in attempt to goose the price. Non-event. If you overlay a chart of S&P 500 with WTI chart you will see they mirror each other. It's the algorithms. A major portion of investment funds are in ETF's. The financial wizards write trading algorithms to electronic trade based on historic corellation of these funds. Oil will probably trade in sync with S&P until a meaningful supply exceeds demand. A Trump tweet, Khalid al-Falih statement, a sabotage news flash or a good Oil Price article can bump oil price, but the price shortly retreats to the correlation of the algorithms . Edited May 19, 2019 by Falcon Quote Share this post Link to post Share on other sites
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