Crude Oil - how could anybody not be bullish?

Nine_Ender · Oct 18, 2023

Nine_Ender said:
Oil up 1.4% today. You sure told us !!! You are making binary guesses based on nothing real. The energy sector is NOT correlated with broader US markets or interest rate moves. The trade here is take advantage of the choppiness to make smart entry and exit points understanding that the Oil producers are in a fundamentally supported up trend ( that's an understatement but markets aren't always rational so some of the stocks are priced dirt cheap for $86 WTI ).
However, despite Oil being quite strong most have been grinding higher slowly in a tight range.

My strategy today was taking some profits on some of my Oil producers, buying some Gold miners and maintaining some cash into the morning. Both Oil and Gold have been interesting areas as short trades lately. However, US Oil inventories reverted back to a draw tonight ( after a surprise build last week ) and I see futures look bullish now. So I suppose a larger Oil weight would have worked out here. I'll pull the rip cord on my new Gold/Silver miners if things don't look good for them in the morning.
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Correction : "as short trades" I meant short duration trades not shorting them.

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Crude Oil - how could anybody not be bullish?

Nine_Ender