If there’s one thing you can count on lately, it’s for the oil market to make exactly the wrong decision going into summer. It’s almost a joke, really. To whichever analysts are sitting at office right now, prepping that liability report explaining why they loaded up on oil contracts going into the summer for the third year in a row, I have the following advice.
For the moment, just carve out any data sets you may have from before 2009. They aren’t worth the bits they’re stored on.
The entire move testing $100 has been shut down. The only remaining question is, do we hit $88, $85, or $79?
The worst hedge of all time, SCO, came through for me after all.
In other news, one of the Greek political parties has decided to nix the union that has held the country together with a government body. This is of course impeccable timing on the part of the Greeks, as there just wasn’t anything else we may have been worried about at this exact moment.
Today, I will be enjoying a fine chicken breast seasoned with fresh thyme from my garden, set out on the veranda, to celebrate the unstemming slaughter.
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You deserve it ! Have a good weekend, Sir.
Plus, We have the New Govt coming into Iran. That Risk Premium is going bye bye fast in Brent. Plus, North Seas are shutting down everything like last year for repairs. We are awash with Oil and I think more a 65 level for WTI could be seen.