WTI is at 3 month lows, beguiled by a brush fire amongst the analyst community, warning of heightened gasoline stocks. It’s important to note and bear mention, for the better part of the past month, all the while crude oil has been driven lower by an over abundance in supplies, oil stocks have risen.
According to Exodus, the median return for the independent oil and gas sector is up around 3%, while crude oil has dropped by more than 11%.
What sort of shit is that? Moreover, how long do you Devils expect fantasy land to continue to infect the minds of investors?
Oil stocks are getting hammered today.
The issue of oil ties in directly to the fate of American markets, not BREXIT. The market cannot trade higher with oil diving lower, not with a debt storm brewing in less than 12 months. The idea that the Fed is contemplating another rate hike again is bellyaching comical. They don’t have a leg to stand on and should refrain from jawboning about rate hikes, when we know they’re full of shit. Their propaganda campaigns have worked markets up into a frenzy. After all, we’re all record highs. But the institution of the Federal Reserve and its integrity should be above these games.
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The FIG.
The Fed should be above jawboning bit they’re not. Just gonna have to wait to see if the algos can get oil back at least to the 70s or 80s by Jan.