I see it. My big question is: Will $66, and $62 hold this time?
I think with 50 million barrels of US reserves, and ongoing increases in production from OPEC, we should see inventory builds and prices back off.
While more and more OPEC countries are failing to meet their quotas (Adding Russia to this list maybe?) it's reasonable to assume UAE and Saudi can add millions of barrels pretty quickly, which has me buying in to the oversupply narrative OPEC is reporting.
All my long positions are closed, I'm not playing the short side.. just waiting for my next buying opportunity below $66.
HeyHoTrader
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@JebusLives, seems that the possibility of war in Ukraine has rised oil`s price...
I think with 50 million barrels of US reserves, and ongoing increases in production from OPEC, we should see inventory builds and prices back off.
While more and more OPEC countries are failing to meet their quotas (Adding Russia to this list maybe?) it's reasonable to assume UAE and Saudi can add millions of barrels pretty quickly, which has me buying in to the oversupply narrative OPEC is reporting.
All my long positions are closed, I'm not playing the short side.. just waiting for my next buying opportunity below $66.