Oil Price - Dec 18
Posted: Wed Dec 18, 2019 1:50 pm
This the last week of trading for the January NYMEX futures contract for WTI oil. So... we are likely to see some wild swings in the price of the January contract. All speculators who cannot supply or take physical oil MUST close their positions in the January contract. There are still a lot of SHORTS open that must close and roll their positions forward or move to the sidelines through the holidays.
THIS IS BIG: Since a lot of analysts, including me, think the signing of the Phase One Trade Agreement with China opens the door to much higher oil prices, I doubt a lot of speculators want to be short oil. Of course any rumors that the deal won't close could send oil prices lower.
FEAR and GREED drive the markets. FEAR draws more viewers to the over-rated cable news networks, so we are bombarded by terrible predictions of gloom & doom. The oceans aren’t rising, the polar bears are still producing little polar bears, the planet isn’t burning up, and demand for oil is not slowing down anytime soon.
In my opinion, the “Right Price” for West Texas Intermediate (WTI) is $65 to $75 per barrel. However, all oil price cycles overshoot the market and this one is on-track to cause an oil shortage within nine months. Read more: https://oilprice.com/Energy/Oil-Prices/ ... 0-Oil.html
THIS IS BIG: Since a lot of analysts, including me, think the signing of the Phase One Trade Agreement with China opens the door to much higher oil prices, I doubt a lot of speculators want to be short oil. Of course any rumors that the deal won't close could send oil prices lower.
FEAR and GREED drive the markets. FEAR draws more viewers to the over-rated cable news networks, so we are bombarded by terrible predictions of gloom & doom. The oceans aren’t rising, the polar bears are still producing little polar bears, the planet isn’t burning up, and demand for oil is not slowing down anytime soon.
In my opinion, the “Right Price” for West Texas Intermediate (WTI) is $65 to $75 per barrel. However, all oil price cycles overshoot the market and this one is on-track to cause an oil shortage within nine months. Read more: https://oilprice.com/Energy/Oil-Prices/ ... 0-Oil.html