not much meat left, 10% today possible, which is why your new boss is not out. uvxy will stay flat for a while until the Fed minutes comes out tomorrow.
Here is news saying that OPEC basket price hits its lowest level since 2009 when the US market crashed basically. We didn't have oil GLUT then, other than lack of demand. Now we have oil GLUT, but demand is pretty healthy with historical low unemployment. Who will be down first in front of this GLUT, OPEC or consumer? Of cause, it is gonna be OPEC, right? How about OPEC's market share? you may ask. This question is not very intelligent since the other side of this exchange between cheap price and market share is less available resource for future. What the US oil industry suffers now is exactly what the US will gain in future. No one can move this resource out unless you dig it. So, here comes the final question. When the balance between price and volume will be made? How about the rate hike? Any impact on OPEC? We know Euro is relatively cheaper versus Dollar. With strong petrol-dollar, OPEC can make some appreciation on dollar. OPEC is pretty much competing with Russia for European export. The dollar is getting stronger, OPEC can get even higher on dollar appreciation.
I know, you get more confused because no one is discussing oil this way.
today's trading curves of 3 months DWTI and UWTI cross each other percentage wise as they did 3 months ago. The tie could favor UWTI this time.
I don't accept profit from a war.