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Re: JRT post# 6198

Sunday, 11/19/2017 10:17:08 PM

Sunday, November 19, 2017 10:17:08 PM

Post# of 6438
It was a perfect storm for a crude oil rally headlines last couple weeks gave oil a big boost. Oil Rig counts were flat Nat gas rig count up by 9. Story of the week (s) iOpec meeting Venezuelan default was only technical triggering credit swap activity. Pretty weak dollar at the end of the week and the Saudi clamp down on domestic corruption . The fact the IEA projected lower overall crude oil demand going forward was overshadowed by geopolitical events. and the keystone pipeline leak late last week as well. Russia and China will continue to prop up Venezuelan oil just haven't heard much about it because the Russians don't want to initiate any negative news that would contribute to any sort of price decline JMO.. US might ease any short term pressure on VZ at least backing off any further sanctions on VZ putting sanctions on the back burner. Maduro has been signaling cooperation with US and Trump. Watching the US dollar if it can hold gains it may turn higher on on us interest rate hike expectations could put a lid on the rally. The decision to complete the keystone project through its final obstacle in Nebraska is supposed to be released Monday.
It will most likely be approved if not more upside to oil prices may be in the offing short term. Have a small initial position here with a 10% stop see how it plays out the WTI charts are very bullish with record long positions so after this spike this would definitely be a contrarian trade will see. Guess would be another spike higher then some sort of retrace.