Hi everyone,
Just a quick post to share my small position my expectation that there is still more downside short-term.
Medium term I expect prices to drop steeply (similar to late last year) as oversupply and slowing growth / demand seem to be overarching themes. I expect something around the sub-$35 mark. Quite key to this is the seeming inability of OPEC cuts to materially impact global prices. Further cuts from OPEC are unlikely to solve the current oversupply situation even if their members vote to lower production to the lowest levels in 30 years. So they can decide between making less money (current cuts) and a lot less money (making additional cuts).
Good luck everyone
Just a quick post to share my small position my expectation that there is still more downside short-term.
Medium term I expect prices to drop steeply (similar to late last year) as oversupply and slowing growth / demand seem to be overarching themes. I expect something around the sub-$35 mark. Quite key to this is the seeming inability of OPEC cuts to materially impact global prices. Further cuts from OPEC are unlikely to solve the current oversupply situation even if their members vote to lower production to the lowest levels in 30 years. So they can decide between making less money (current cuts) and a lot less money (making additional cuts).
Good luck everyone
Trade closed manually:
Oh my weak hands...
I closed today at $56.66 for a total return of 74%. I will look to re-enter - short.
I closed today at $56.66 for a total return of 74%. I will look to re-enter - short.