WTI Trades Up on Mexico Tariff News. Be careful could be short lived

[Falcon + 222]

Never thought WTI should have traded down on Mexico.  Traders looking for any excuse.  

Be careful could turn on longs quickly.

OPEC plus will extend. No Surprise. Some accommodation will be made for Russia.  Again should trade up.  But those cuts aren't working.  Someday the market will figure that out.

China trade deal would play into demand.  Anybody's guess when or if something happens.  Don't expect Trump to cave.   

Too many "what ifs" . Trading doesn't make common sense right now.

As top oil trader Andy Hall said, "Oil doesn't trade on fundamentals anymore"

Stay away for a couple of months.

 

Edited June 10, 2019 by Falcon

[Jan van Eck + 7,558]

13 hours ago, Falcon said:

As top oil trader Andy Hall said, "Oil doesn't trade on fundamentals anymore"

Oil does not trade on fundamentals, and it probably never has.  Oil trades on whatever is going on in the minds of the traders themselves.  And that is driven by two factors:  greed, and fear. 

[Falcon + 222]

1 minute ago, Jan van Eck said:

Oil does not trade on fundamentals, and it probably never has.  Oil trades on whatever is going on in the minds of the traders themselves.  And that is driven by two factors:  greed, and fear. 

Perception is reality . . . sometimes.

Many other commodities trade on Fundamentals like supply and demand. This is because there is greater availability of supply and more trsnsparency .

Supply and Trsnsparency coming to oil market soon.