WTI is above $90 a barrel again. Gasoline is pushing $3.60 on a national average (it’s back at $4 in Detroit). And meanwhile any real world use of petroleum products continues to dissipate as global growth slows and the euro collapses under the largest collection of broken promises and misplaced faith ever assembled.
Folks, this cannot continue.
I am not ready yet, particularly not with Christmas just around the corner. But make no mistake, I am interested in shorting oil and energy (again) because it’s going to crater (again) for the 3rd time in three years (again…).
The last “again” was redundant. But my time is valuable and I’ve come too far.
Watch carefully friends, as I will be making my first push to short oil back at $100, and gasoline most definitely if it hits $3.70. Every 15% higher from there gets an add. Exact strategies will be pending shortly (probably the same ones I’ve used before now).
Go ahead oil market. Try me.
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I live in the oil patch and have many energy trader contacts. I must say that they are all stunned by this recent move in crude and are selling many wet barrels. At present, thye do not believe $100 will be seen.
3 sigma + moves are the new normal.